Transit operators to issue prepaid mobility cards

The Reserve Bank of India (RBI) has issued final guidelines on mobility cards that will allow people to travel in buses, metros and taxis without cash. This semi-closed prepaid payment instruments (PPIs) will be issued by mass transit operators (such as metro or road transport) and will have a minimum validity of six months. The maximum amount that can be loaded on the card is Rs 2,000 Financial Astrology

The regulator said the rationale behind introducing these cards was to reduce the amount of cash in the economy and to gradually move towards a cashless society. “In the process of moving from cash-based payments to electronic payments, the migration of micro and small value cash payments can play a significant role in achieving the vision of less-cash society. One such area where a large number of small-value cash payments take place relates to mass transit systems,” RBI said.
 

These cards have been allowed to be used at other merchants who have either similar activities or at establishments that are within the premises of the transit system Share Market Astrology

The issuers have been given the freedom to decide the level of Know Your Customer identification procedure that needs to be carried out before issuing these cards. However, the card holder will not be allowed to either cash out or take a refund on the amount on the card. These guidelines are effective immediately and the cards issued will be regulated under the Payment and Settlement Systems Act, 2007.

RBI also added that these cards will necessarily contain the Automated Fare Collection application related to the transit service. The fund transfer guidelines will not be applicable in case of these semi-closed cards Indian stock market astrology prediction