Prepaid instruments may be issued by non-banks: RBI

MUMBAI: The RBI said that, with its clearance, non-banks may provide commuters using transport services with prepaid payment cards.

The revised law permits banks and non-banks to offer prepaid instruments denominated in rupees that include an integrated automated fare collecting application for parking, tolls, and transit services. The guidelines primarily apply to National Common Mobility Cards, according to sources.

Up until now, banks have partnered with transportation agencies to be the main issuers of these cards.