On October 16, 2018, the Reserve Bank of India (RBI) issued a guidance paper on interoperability targeted at all prepaid payment instrument (PPI) issuers, system providers and system participants, under the mandate of the Payment and Settlement Systems Act 2007. The guidelines supplement the Master Direction on Issuance and Operation of Prepaid Payment Instruments, as last amended, and aim to provide instructions facilitating the three phases of interoperability of all know your customer (KYC) compliant PPIs under the master direction.
These three phases are the following:
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