Full KYC PPIs have to enable interoperability by March 31, 2022: RBI

The Reserve Bank of India (RBI) on Wednesday said full KYC (know your customer)-compliant prepaid payment instruments (PPIs) have to offer their holders interoperability through card networks and UPI (Unified Payments Interface) mandatorily by March 31, 2022.

Also, customers of full KYC-compliant PPIs issued by non-bank PPI issuers can withdraw a maximum of Rs 2,000 per transaction and Rs 10,000 per month per PPI.

“All cash withdrawal transactions performed using a card/wallet has to be authenticated by an Additional Factor of Authentication (AFA). Further, any PPI issuer offering this facility (cash withdrawal) shall put in place proper customer redressal mechanisms,” the RBI said.