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RBI drafts new rules for prepaid wallets splitting KYC, limits and foreign travel use

RBI drafts new rules for prepaid wallets splitting KYC, limits and foreign travel use

The RBI has released draft Master Directions on Prepaid Payment Instruments (PPIs) to replace the 2021 framework, tightening oversight for banks, fintechs and wallet operators. The proposal sharply categorises PPIs by KYC levels, sets strict monthly and outstanding caps, expands UPI-linked options for foreign visitors, and mandates escrow, reporting, and clearer customer disclosures—while limiting cross-border use.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
RBI unveils draft PPI rules 2026 to reshape wallets and KYC limits for users and fintechs

RBI unveils draft PPI rules 2026 to reshape wallets and KYC limits for users and fintechs

The RBI has released a draft Master Direction on Prepaid Payment Instruments (PPIs) 2026, replacing the current 2021 framework. It tightens KYC and sets wallet usage caps, including limits on monthly debits and outstanding balances. Small PPIs can be issued with minimal data but must convert to full KYC within two years. The draft also increases escrow supervision and extends wallet use cases for international tourists.

Summarised by Beize from a story on Startup Talky on 24 Apr 2026

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GIFT City IPO dream hits a snag as first withdrawal sparks KYC and investor doubts

GIFT City IPO dream hits a snag as first withdrawal sparks KYC and investor doubts

GIFT City’s first IPO withdrawal, tied to XED Executive Development’s ₹110 crore offering, is raising questions about how smoothly issuers can list in India’s international finance hub. KYC hurdles, limited institutional participation, and restrictions on domestic investors are pushing potential companies to rethink timing and plans—turning a major growth narrative into a cautionary test case.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
RBI tightens prepaid wallet rules with Rs 2 lakh monthly debit cap for full KYC users

RBI tightens prepaid wallet rules with Rs 2 lakh monthly debit cap for full KYC users

The RBI has overhauled Prepaid Payment Instrument rules, setting a Rs 2,00,000 monthly debit limit for full-KYC PPIs. It also introduces a Rs 25,000 sublimit specifically for person-to-person transfers. The revised Master Direction is designed to strengthen safeguards, improve usage clarity, and boost user protection across prepaid wallet categories.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
IFSCAs video based KYC for NRIs set to launch by November, ditching paper and streamlining account opening

IFSCAs video based KYC for NRIs set to launch by November, ditching paper and streamlining account opening

IFSCAs International Financial Services Centres Authority plans to roll out video-based KYC guidelines for NRI customers by November, aiming to make account opening and investing in GIFT City simpler. The move is expected to reduce or eliminate paper applications, while a faceless authentication system is being developed in coordination with UIDAI and the RBI.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
SC verdict on Aadhaar could upend KYC for online lenders in India

SC verdict on Aadhaar could upend KYC for online lenders in India

India’s Supreme Court ruled that private entities can’t compel people to share Aadhaar data for KYC authentication. The decision could force online lending companies to rethink customer onboarding and verification processes, potentially raising compliance costs and changing risk checks. Lenders may need to adopt alternative KYC methods or obtain explicit consent, reshaping how fast loans get approved.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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