BANKING AFFAIRS

Detailed explanation-1: -These can be issued by both banks and non-banks.

Detailed explanation-2: -2.3 Prepaid Payment Instruments: Prepaid payment instruments are payment instruments that facilitate purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.

Detailed explanation-3: -The PPI Directions regulate the issuance and operation of certain types of Prepaid Payment Instruments (PPIs) in India. PPIs are payment instruments that facilitate purchase of goods and services, financial services, remittance facilities, etc., against the value stored therein.