The draft updated rules are applicable to all PPI issuers and system participants under the Payment and Settlement Systems Act. It introduces revised definitions, categories of PPIs (general and special purpose), and detailed operational guidelines on issuance, loading, interoperability, and customer protection. The framework prescribes stricter capital requirements, governance norms, and KYC compliance, along with limits on balances, transactions, and usage across different PPI types. It also mandates escrow account management, dispute resolution mechanisms, and reporting obligations. The feedback/ comments from stakeholders are invited.
(Link: RBI Press Release Dated 22/04/2026, Draft Master Directions)