Digital payment rules, gathered in one place

This Master Direction applies to every entity that issues or operates Prepaid Payment Instruments.

named by the words Prepaid Payment Instrument · RBI Para 1.3 · Read it in place

No entity may set up or run a PPI payment system without RBI's prior approval or authorisation.

named by the words PPIs · RBI Para 1.7 · Read it in place

A bank may issue PPIs only after RBI approves it, on top of other RBI eligibility rules.

named by the words PPIs · RBI Para 3.1 · Read it in place

A non-bank entity needs RBI's authorisation, not mere approval, before it may issue PPIs.

named by the words PPIs · RBI Para 4.1 · Read it in place

A non-bank applicant for PPI authorisation needs a minimum positive net-worth of Rs.5 crore.

named by the words PPI · RBI Para 4.5 · Read it in place

RBI's in-principle approval for a PPI applicant stays valid for six months.

named by the words PPI · RBI Para 5.4 · Read it in place

A finally authorised entity must start its PPI business within six months, or the authorisation lapses.

named by the words PPI · RBI Para 5.6 · Read it in place

The Prevention of Money Laundering Act and its rules apply in full to every PPI issuer.

named by the words PPI · RBI Para 6.2 · Read it in place

A PPI issuer must keep a log of every PPI transaction for at least ten years.

named by the words PPI · RBI Para 6.3 · Read it in place

Cash loaded into any PPI is capped at Rs.50,000 per month, within the PPI's overall limit.

named by the words PPIs · RBI Para 7.6 · Read it in place

A non-bank PPI issuer needs RBI's one-time approval before it may issue co-branded PPIs.

named by the words PPI · RBI Para 7.11 · Read it in place

Cross-border outward PPI payments are capped at Rs.10,000 per transaction and Rs.50,000 per month.

named by the words PPI · RBI Para 8.1 · Read it in place

Only up to Rs.50,000 from an individual inward MTSS remittance may be loaded into a full-KYC PPI.

named by the words PPIs · RBI Para 8.2 · Read it in place

A small cash-loading PPI may take at most Rs.10,000 a month and Rs.1,20,000 in a financial year.

named by the words PPIs · RBI Para 9.1 · Read it in place

A small cash-loading PPI may never hold more than Rs.10,000 outstanding at any time.

named by the words PPIs · RBI Para 9.1 · Read it in place

A small PPI is only for buying goods and services; cash withdrawal and funds transfer are barred.

named by the words PPIs · RBI Para 9.1 · Read it in place

A small PPI must be upgraded to full-KYC within 24 months of issue, or lose further credit.

named by the words PPIs · RBI Para 9.1 · Read it in place

A full-KYC PPI may never hold more than Rs.2,00,000 outstanding at any time.

named by the words PPI · RBI Para 9.2 · Read it in place

Funds sent to a pre-registered beneficiary from a full-KYC PPI are capped at Rs.2,00,000 a month.

named by the words PPI · RBI Para 9.2 · Read it in place

Transfers to any other beneficiary from a full-KYC PPI are capped at Rs.10,000 a month.

named by the words PPI · RBI Para 9.2 · Read it in place

A bank's full-KYC PPI allows PoS cash withdrawal up to Rs.2,000 per transaction and Rs.10,000 a month.

named by the words PPI · RBI Para 9.2 · Read it in place

A non-bank's full-KYC PPI also allows cash withdrawal up to Rs.2,000 per transaction and Rs.10,000 a month.

named by the words PPIs · RBI Para 9.2 · Read it in place

A gift PPI may never be loaded with more than Rs.10,000.

named by the words PPI · RBI Para 10.1 · Read it in place

A mass-transit PPI may never hold more than Rs.3,000 outstanding at any time.

named by the words PPIs · RBI Para 10.2 · Read it in place

A mass-transit PPI can be issued without KYC verification of the holder.

named by the words PPIs · RBI Para 10.2 · Read it in place

A mass-transit PPI has perpetual validity; the usual validity and redemption rules do not apply.

named by the words PPIs · RBI Para 10.2 · Read it in place

Cash withdrawal, refund and funds transfer are all barred on a mass-transit PPI.

named by the words PPIs · RBI Para 10.2 · Read it in place

A bank or non-bank may issue INR full-KYC PPIs to foreign nationals and NRIs visiting India.

named by the words PPIs · RBI Para 10.3 · Read it in place

Interoperability through card networks or UPI is mandatory for every full-KYC PPI holder.

named by the words UPI · RBI Para 11.4.4 · Read it in place

A mass-transit PPI is exempt from interoperability; a gift PPI issuer may offer it optionally.

named by the words PPI · RBI Para 11.4.3 · Read it in place

A non-bank PPI issuer must keep its outstanding balance in an escrow account at a scheduled commercial bank.

named by the words PPI · RBI Para 12.3 · Read it in place

The escrow balance may never fall, at day's end, below outstanding PPI value plus merchant dues.

named by the words PPIs · RBI Para 12.3(ii) · Read it in place

Every PPI carries a minimum validity of one year from its last loading or reloading.

named by the words PPIs · RBI Para 13.1 · Read it in place

A PPI issuer must caution the holder at intervals during the 45 days before expiry.

named by the words PPI · RBI Para 13.2 · Read it in place

A non-bank issuer may not move an expired PPI's balance to Profit & Loss for three years.

named by the words PPI · RBI Para 13.3 · Read it in place

A PPI unused for one full year is made inactive after a notice to the holder.

named by the words PPIs · RBI Para 13.6 · Read it in place

A PPI issuer should resolve a complaint within 48 hours, and always within 30 days.

named by the words PPI · RBI Para 16.2 · Read it in place

PPI customers of banks and non-banks can use RBI's Integrated Ombudsman Scheme for grievance redressal.

named by the words PPI · RBI Para 16.5 · Read it in place

A customer's liability is zero when the non-bank PPI issuer's own fraud or negligence caused the loss.

named by the words PPI · RBI Para 17.5 · Read it in place

The non-bank PPI issuer must shadow-reverse an unauthorised transaction to the customer's PPI within 10 days of notice.

named by the words PPI · RBI Para 17.7 · Read it in place

A non-bank PPI issuer must resolve a complaint and fix any customer liability within 90 days.

named by the words PPI · RBI Para 17.8 · Read it in place

These rules bind an issuer with more than one crore prepaid instruments outstanding.

named by the words Prepaid Payment Instrument · RBI Para 3(1) · Read it in place

The ombudsman must never have worked for this entity, its holding company or its subsidiary.

named by the words PPI · RBI Para 5(2) · Read it in place

That stand-in must not report to any business line while acting as ombudsman.

named by the words PPI · RBI Para 8(3) · Read it in place

The final decision must reach the customer within 30 days of the complaint.

named by the words PPI · RBI Para 14(9) · Read it in place

The office should sit at the head office or the corporate office.

named by the words PPI · RBI Para 10(3) · Read it in place

Every quarter the office must study the pattern of all complaints received.

named by the words PPI · RBI Para 12(6) · Read it in place

The ombudsman must suggest how to stop complaints of the same kind recurring.

named by the words PPI · RBI Para 12(7) · Read it in place

Every case that was overruled must be placed before the committee for review.

named by the words PPI · RBI Para 13(4) · Read it in place

A fully automatic complaint system must send every refused complaint to the office.

named by the words PPI · RBI Para 14(1) · Read it in place

When a case goes to the RBI ombudsman, the internal decision must go with it.

named by the words PPI · RBI Para 14(13) · Read it in place

The ombudsman is appointed on contract, not as an employee.

named by the words PPI · RBI Para 8(1) · Read it in place

The ombudsman reports to the competent authority for administration and to the committee for work.

named by the words PPI · RBI Para 9(1) · Read it in place

The office sees only complaints already examined and then refused or part settled.

named by the words PPI · RBI Para 12(1) · Read it in place

A refused or part settled complaint is reviewed at a fairly senior level first.

named by the words PPI · RBI Para 14(4) · Read it in place

The ombudsman decides from the entity's records and the customer's own papers.

named by the words PPI · RBI Para 14(6) · Read it in place

The ombudsman may meet staff and call for any further record that is needed.

named by the words PPI · RBI Para 14(7) · Read it in place

All prepaid payment instrument issuers must follow these return rules.

named by the words Prepaid Payment Instrument · Read it in place

Send PPI Statistics data in CIMS for December 2025 onwards.

named by the words PPI · Read it in place

Send PPI grievance data in CIMS from the December 2025 quarter.

named by the words PPI · Read it in place

A non-bank operating unit acts as a Payment Aggregator when it collects or settles funds.

named by the words Payment Aggregator · RBI Para 7 · Read it in place

Every other escrow-account rule under RBI's payment aggregator guidelines still applies.

named by the words Payment Aggregator · RBI Para 7 · Read it in place

A prepaid issuer must set a cooling period after money is loaded on the instrument.

named by the words PPI · RBI Para 35 · Read it in place

Prepaid issuers are urged to send codes and alerts in the language a user picks.

named by the words PPI · RBI Para 34 · Read it in place

A bank issuing prepaid instruments must have its own ATM network.

named by the words Prepaid Payment Instrument · RBI Para 32 · Read it in place

Prepaid instruments must meet the payments department's eligibility rules.

named by the words Prepaid Payment Instrument · RBI Para 32 · Read it in place

A bank issuing prepaid instruments must have its own ATM network.

named by the words Prepaid Payment Instrument · RBI Para 41 · Read it in place

Prepaid instruments must meet the payments department's eligibility rules.

named by the words Prepaid Payment Instrument · RBI Para 41 · Read it in place

A channel approved before these Directions must still be brought to the new eligibility standard.

named by the words mobile banking · RBI Para 7 · Read it in place

Mobile banking must work on every network, not just one.

named by the words mobile banking · RBI Para 10 · Read it in place

The alert and the one time code must name the merchant, not the payment agent.

named by the words payment aggregator · RBI Para 47 · Read it in place

Net banking sites need extra checks such as adaptive sign in and a strong CAPTCHA.

named by the words internet banking · RBI Para 67(1) · Read it in place

The alert and the one time code must name the merchant, not the payment agent.

named by the words payment aggregator · RBI Para 47 · Read it in place

Net banking sites need extra checks such as adaptive sign in and a strong CAPTCHA.

named by the words internet banking · RBI Para 67(1) · Read it in place

The alert and the one time code must name the merchant, not the payment agent.

named by the words payment aggregator · RBI Para 47 · Read it in place

Net banking sites need extra checks such as adaptive sign in and a strong CAPTCHA.

named by the words internet banking · RBI Para 67(1) · Read it in place

The alert and the one time code must name the merchant, not the payment agent.

named by the words payment aggregator · RBI Para 47 · Read it in place

Net banking sites need extra checks such as adaptive sign in and a strong CAPTCHA.

named by the words internet banking · RBI Para 67(1) · Read it in place

Prepaid instrument issuers and white-label ATM operators get their own transfer-system access type.

named by the words Prepaid Payment Instrument · RBI Para 2.1.4 · Read it in place

This rulebook covers every bank and non-bank PA business.

named by the words Payment Aggregator · RBI Para 3 · Read it in place

Mobile banking outside an app must work on every mobile network.

named by the words Mobile banking · RBI Para 10 · Read it in place

Mobile banking outside an app must work on every mobile network.

named by the words Mobile banking · RBI Para 10 · Read it in place

The board reviews core banking spending, new digital services, and the working of machines and mobile banking.

named by the words mobile banking · RBI Para 9 · Read it in place

Mobile banking outside an app must work on every mobile network.

named by the words Mobile banking · RBI Para 10 · Read it in place

Mobile banking outside an app must work on every mobile network.

named by the words Mobile banking · RBI Para 10 · Read it in place

Mobile banking outside an app must work on every mobile network.

named by the words Mobile banking · RBI Para 10 · Read it in place

Mobile banking outside an app must work on every mobile network.

named by the words Mobile banking · RBI Para 10 · Read it in place

This rule covers every recurring payment on cards, PPI or UPI, domestic or cross-border.

named by the words UPI · RBI Para 2 · Read it in place

The bank must enable the card on unified payments interface, debit cards and net banking.

named by the words Unified Payments Interface · RBI Para 35 · Read it in place

The bank must enable the card on unified payments interface, debit cards and net banking.

named by the words Unified Payments Interface · RBI Para 34 · Read it in place

The bank must enable the card on unified payments interface, debit cards and net banking.

named by the words Unified Payments Interface · RBI Para 34 · Read it in place

The bank must enable the card on unified payments interface, debit cards and net banking.

named by the words Unified Payments Interface · RBI Para 33 · Read it in place

The alert and the one time code must name the merchant, not the payment agent.

named by the words payment aggregator · RBI Para 47 · Read it in place

Level two covers a sub member of central payment systems that offers net or mobile banking.

named by the words internet banking · RBI Para 4 · Read it in place