Guidelines soon on pre-paid payment instruments

The Reserve Bank of India plans to permit scheduled commercial banks with the eligibility criteria to issue all categories of pre-paid payment instruments and eligible non-bank entities, including NBFCs, to issue semi-closed instruments. The move is to promote cashless transactions. The Reserve Bank had earlier placed the draft guidelines for issuance and operation of such instruments in public domain for wider dissemination and feedback. Instruments such as smart card, Internet account, mobile account and mobile wallet could be some of the pre-paid payment instruments, the RBI Deputy Governor, Ms Shyamala Gopinath, said.