Mumbai, February 23: On Friday, the Reserve Bank granted approval for both banks and non-banking institutions to issue pre-paid instruments (PPIs) designed for payments across diverse public transport systems. This initiative aims to expand the payment options available to commuters, offering alternatives beyond traditional cash transactions.
The newly introduced instruments are expected to enhance the overall experience for commuters by providing convenience, speed, affordability, and the safety associated with digital payment methods, as stated in a notification by the RBI. The move is particularly significant given the widespread use of public transport systems across the country, serving a diverse range of commuters on a daily basis.
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