2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs 5000
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Rs 4000
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Rs 2000
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Rs 3000
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Detailed explanation-1: -Small PPIs upto ₹10, 000 (with cash loading facility); Small PPIs upto ₹10, 000 (with no cash loading facility); and. Full-KYC PPIs.
Detailed explanation-2: -PPIs upto ₹10, 000/- (with no cash loading facility): The amount loaded during any month shall not exceed ₹10, 000/-; The total amount loaded during the financial year shall not exceed ₹1, 20, 000/-;
Detailed explanation-3: -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. Loading / Reloading can be by cash or electronic means.
Detailed explanation-4: -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-5: -Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007”. PPIs are instruments that facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored therein.