RBI introduces innovative digital payment system. It is possible to buy goods & services via RBI Prepaid Payment Instrument (PPI). This facility is available via banking and non-banking companies. NPCI will collaborate for the venture. Aim is to promote small value digital payments.
Through PPI, one can load upto Rs 10,000 a month. A financial year’s remittance should not exceed Rs 1,20,000. PPI can be closed anytime. Feasible only via verified mobile number linked to the bank. No interest for the amount in PPI.