Business Daily from THE HINDU group of publications
Wednesday, Apr 22, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Apr 22, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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CRR & Bank Rates Guidelines soon on pre-paid payment instruments Our Bureau Kolkata, April 21 The Reserve Bank of India plans to permit scheduled commercial banks with the eligibility criteria to issue all categories of pre-paid payment instruments and eligible non-bank entities, including NBFCs, to issue semi-closed instruments. The move is to promote cashless transactions. RBI will soon issue operative guidelines on the issuance of pre-paid payment instruments, according to the Annual Policy Statement for the year 2009-2010. The Reserve Bank had earlier placed the draft guidelines for issuance and operation of such instruments in public domain for wider dissemination and feedback. “Taking into account the comments received from various entities within and outside the country, it is now proposed to permit SCBs to issue all categories of pre-paid instruments and non-bank entities, including NBFCs, to issue semi-closed instruments, which can be used to purchase all types of goods and services at identified network of establishments,” the Credit Policy Statement said. Instruments such as smart card, Internet account, mobile account and mobile wallet could be some of the pre-paid payment instruments, the RBI Deputy Governor, Ms Shyamala Gopinath, said addressing a video conference. Domestic remittances, person-to-person transfer, buying goods and services at a merchant outlet, cash withdrawal, could be some of the key uses of this card, according to senior official at a private bank. More Stories on : CRR & Bank Rates | Financial Services
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