Purpose specific prepaid e-RUPI vouchers can now be issued for individuals by PPIs

The Reserve Bank of India (RBI) has allowed non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers. Further, the central bank has also permitted the issuance of e-RUPI vouchers on behalf of individuals. “At present, purpose-specific vouchers are issued by banks on behalf of central and state governments and to a limited extent on behalf of corporates. Keeping in view the benefits for users and beneficiaries alike, it is proposed to expand the scope and reach of e-RUPI vouchers by a) permitting non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers and b) enabling the issuance of e-RUPI vouchers on behalf of individuals,” the RBI said in its June monetary policy committee.