CURRENT AFFAIRS

Detailed explanation-1: -The amount outstanding at any point of time shall not exceed ₹10, 000/-; The total amount debited during any given month shall not exceed ₹10, 000/-; These PPIs shall be converted into full-KYC PPIs within 24 months; and.

Detailed explanation-2: -7.6 Cash loading to PPIs shall be limited to Rs. 50, 000/- per month subject to overall limit of the PPI. 7.7 PPIs may be issued as cards, wallets, and in any such form / instrument which can be used to access the PPI and to use the amount therein. No PPI shall be issued in the form of paper vouchers.

Detailed explanation-3: -The Reserve Bank of India (RBI) issued directions on Jun 20, 2022, for all non-bank Prepaid Payment Instrument (PPI) issuers to stop loading their PPIs through credit lines. This was aimed at the availability of several PPI credit-linked products offered in partnership with the banks and NBFCs.

Detailed explanation-4: -For entities apart from banks, NBFCs must maintain a minimum net worth of ₹ 5 crores. They shall operate as semi-closed PPIs. These entities need to have a net worth of ₹ 15 crores by the end of 3rd financial year.