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ப்ரீபெயிடு பேமெண்ட் இன்ஸ்ட்ரூமெண்ட் (பிபிஐ–க்கள்)

46. Is the Reserve Bank - Integrated Ombudsman Scheme applicable for PPI transactions ? +

Ans. In case of PPIs issued by banks and non-banks, customers have recourse to the Reserve Bank - Integrated Ombudsman Scheme, 2021 for grievance redressal. This scheme is available on the RBI website at the link - https://cms.rbi.org.in.

51. Is it mandatory for a PPI issuer to allow interoperability ? +

Ans. Yes, it is mandatory for a PPI issuer to allow interoperability. It is mandatory for the PPI issuer to give the holders of full-KYC PPIs interoperability through authorised card networks and UPI. All modes of acceptance (including QR codes) and PPI issuance are required to be interoperable by March 31, 2022.

55. What is the protection available in case of unauthorised transactions involving PPIs issued by non-banks ? +

Ans. The framework to limit the liability of customers (PPI holders) against unauthorised transactions in PPIs issued by non-bank issuers is given in paragraph 17 of the MD-PPIs and has come into effect from March 01, 2019. The FAQs given below relate to PPIs issued by non-bank PPI issuers.

56. Does the framework cover all the types of PPIs issued under the MD-PPIs ? +

Ans. Except for the PPIs issued under the arrangement of PPI-MTS as per paragraph 10.2 of MD-PPIs, the framework is applicable to all PPIs issued by authorised non-bank PPI issuers. Even in PPI-MTS, the cases of contributory fraud / negligence / deficiency on the part of the issuer are covered.

58. Is it mandatory for the customer (PPI holder) to register for SMS alerts ? +

Ans. In order to get protection under this framework, it is mandatory for the customer (PPI holder) to register for SMS alerts.

59. Is the customer supposed to get an alert of transaction in his / her PPI account ? +

Ans. It is mandatory for non-bank PPI issuers to send an SMS alert to the customer for any payment transaction in his / her account. In addition, an e-mail alert may also be sent, wherever registered. The transaction alert should have a contact number and / or e-mail id on which the customer can report unauthorised transactions or notify the objection.

60. Where can the customer report an unauthorised transaction in his / her PPI account ? +

Ans. Non-bank PPI issuers shall provide customers with 24x7 access via website / SMS / e-mail / dedicated toll-free helpline for reporting unauthorised transactions and / or loss or theft of the PPI. Further, a direct link for lodging of complaints, with specific option to report unauthorised electronic payment transactions shall be provided by non-bank PPI issuers on the mobile app / home page of their website / any other evolving acceptance mode.

61. Is the customer protected against any unauthorised transaction after he / she has reported to the issuer about such transactions or loss of instrument ? +

Ans. On reporting of an unauthorised payment transaction or loss of instrument, non-bank PPI issuers shall take immediate action to prevent further unauthorised payment transactions in the PPI account of the customer. Any further transactions debit on such an instrument will be the liability of the issuer.

62. Is the customer protected against a contributory fraud / negligence / deficiency on the part of the non-bank PPI issuer ? +

Ans. The liability of a customer in cases of contributory fraud / negligence / deficiency on the part of the non-bank PPI issuer is zero. PPI-MTS issuers are also covered for such acts / events.

63. Does the customer need to report to the issuer in case there is a contributory fraud / negligence / deficiency on the part of the non-bank PPI issuer ? +

Ans. It is always advisable to report any unauthorised transaction in the account of the customer. However, an issuer cannot deny compensation against contributory fraud / negligence / deficiency on the part of the non-bank PPI issuer, on the ground that the customer has not reported any unauthorised transaction in his / her account.

64. How will the liability of the customer be fixed in cases of third party breach where the deficiency lies neither with the non-bank PPI issuer nor with the customer but lies elsewhere in the system, and the customer notifies the non-bank PPI issuer regarding the unauthorised payment transaction ? +

Ans. The ‘per transaction customer liability’ in such cases will depend on the number of days lapsed between the receipt of transaction communication by the customer from the non-bank PPI issuer and the reporting of unauthorised transaction by the customer to the non-bank PPI issuer. If the issuer is reported within three days’ of receiving of communication, the customer liability will be zero. Similarly, for any such transaction reported between four and seven days of receiving of communication, the customer liability will be limited to a maximum of ₹ 10,000/. Reporting beyond seven days’ time will be dealt in accordance with the Board approved policy of the non-bank PPI issuer.

66. In cases where the loss is due to negligence by the customer, such as where he / she has shared the payment credentials, who will bear the loss and to what extent ? +

Ans. In cases where the loss is due to negligence by the customer, such as where he / she has shared the payment credentials, the customer will bear the entire loss until he / she reports the unauthorised transaction to the non-bank PPI issuer.

67. Who will bear the loss on the unauthorised transactions carried after reporting of same to the issuer ? +

Ans. Any loss occurring after reporting of the unauthorised transaction shall be borne by the non-bank PPI issuer.

68. After how many days will the eligible amount be credited to the customer’s account ? +

Ans. The non-bank PPI issuer shall credit (notional reversal / shadow reversal) the amount involved in the unauthorised electronic payment transaction to the customer’s PPI within 10 days from the date of such notification by the customer. Such reversal has to be effected even if it breaches the maximum permissible limit applicable to that type / category of PPI. The credit shall be value-dated to be as of the date of the unauthorised transaction.

69. When can one use the notional credit so received ? +

Ans. The notional credit so received can be used on resolution of complaint and establishing the liability of the customer by the non-bank PPI issuer. However, in any circumstances, this period cannot exceed 90 days from the date of receipt of the complaint.

5. What do PPI issuer entities do with the monies collected from PPI holders ? +

Ans. The monies so collected by the PPI issuers are to be used to make payments to merchants who are part of the acceptance arrangement and for facilitating funds transfer / remittance services on behalf of the PPI holders.

9. What are the types of Small PPIs ? +

Ans. Small PPIs can be of two types:

PPIs upto ₹10,000/- (with cash loading facility). These PPIs shall be converted into full-KYC PPIs within 24 months.
PPIs upto ₹10,000/- (with no cash loading facility).

13. What are the salient features of the two types of Small PPIs ? +

Ans. Both types of Small PPIs are reloadable and shall be used only for purchase of goods and services. Their salient features are as follows:

PPIs upto ₹10,000/- (with 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/-;
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.

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/-;
The amount outstanding at any point of time shall not exceed ₹10,000/-;
Loading / Reloading shall be from a bank account / credit card / full-KYC PPI; and
The Small PPIs (with cash loading facility) existing as on December 24, 2019 can be converted to this PPI, if desired by the PPI holder.

14. Is cash withdrawal or funds transfer permitted from the two types of Small PPIs ? +

Ans. Cash withdrawal or funds transfer from these two types of Small PPIs is not permitted.

15. How long can a customer hold a Small PPI (with cash loading facility) ?

Ans. A Small PPI (with cash loading facility) can be held for a maximum period of 24 months only. The 24 months shall be counted from the day of opening such a PPI. Within this period of 24 months, it has to be converted into a full-KYC PPI failing which, no further credit in such PPI shall be allowed. However, the PPI holder shall be allowed to use the available balance.