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

Mumbai: Reserve Bank 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.

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

Public transport systems across the country cater to a multitude of commuters on a daily basis, it said.

PTI