RBI/2013-14/590
DPSS.CO.PD.No. 2366/02.14.006/2013-14
May 13, 2014
All Prepaid Payment Instrument Issuers, System Providers, System Participants
and all other Prospective Prepaid Payment Instrument Issuers
Madam / Dear Sir
Issuance and Operation of Pre-paid Payment Instruments in India – Consolidated
Revised Policy Guidelines
A reference is invited to our guidelines DPSS.CO.PD.No. 2074/02.14.006/2013-14 dated March 28, 2014 on the captioned subject.
2. On a review, it has been decided that Para 7.4 (Co-branded pre-paid payment instrument) of the Annex to Guidelines dated March 28, 2014 to be amended to read as follows:
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Existing provisions of Para 7.4 of Annex of Guidelines dated March 28, 2014
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Revised provisions of Para 7.4 of Annex of Guidelines dated March 28, 2014
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All persons authorized / approved to issue pre-paid payment instruments are permitted to cobrand such instruments with the name/logos of financial institution/Government Organisation etc. for whose customers/beneficiaries such co-branded instruments are issued. The name of the issuer shall be visible prominently on the payment instrument. Banks/NBFCs/Other persons desirous of issuing such co-branded prepaid instruments may seek one time approval from Reserve Bank of India.
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All persons authorized / approved to issue pre-paid payment instruments are permitted to cobrand such instruments with the name/logos of financial institution / Government Organisation etc. for whose customers/beneficiaries such co-branded instruments are issued. The name of the issuer shall be visible prominently on the payment instrument. NBFCs/Other persons desirous of issuing such co-branded prepaid instruments may seek one time approval from Reserve Bank of India.
However, banks have been granted general permission to issue rupee denominated co-branded prepaid instruments subject to the terms and conditions as mentioned in the circular RBI/2012-13/325 DBOD.No.FSD.BC. 67/24.01.019/ 2012-13 dated December 12, 2012
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3. Stakeholders are advised to take note of the above amendment. The revised consolidated guidelines on Prepaid Payment Instruments is placed at Annex.
Yours faithfully,
(Vijay Chugh)
Chief General Manager |