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Reserve Bank on Friday permitted banks and non-banking institutions to issue pre-paid instruments (PPIs) for making payments across various public transport systems.
With the introduction of these instruments, commuters will have more options to pay for tickets besides cash mode.
The RBI stated, "These instructions are issued under Section 18 read with Section 10 (2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007). These instructions shall come into effect immediately."
