RBI permits banks to issue pre-paid instruments for making payments across various public transport systems

New Delhi, February 24, 2024.

Reserve Bank on Friday permitted banks and non-banking institutions to issue pre-paid instruments (PPIs) for making payments across various public transport systems.

With the introduction of these instruments, commuters will have more options to pay for tickets besides cash mode.

The instrument will provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, RBI said in a notification.