Explain about the RBI's requirement on PAPG

Question

Accepted Answer

RBI requires Prepaid Payment Instruments (PPIs) to be issued only after obtaining prior approval from them.

RBI mandates that all PPIs must be approved by them before issuance
This is to ensure that PPIs are not misused for money laundering or other illegal activities
PPI issuers must comply with RBI's guidelines and regulations
Failure to comply with RBI's requirements can result in penalties or revocation of license
Examples of PPIs include e-wallets, gift cards, and travel cards