印度半封闭式钱包的印度储备银行（RBI）规范

Concept of Prepaid Payment Instruments (PPIs) or digital wallets or e-wallets (Electronic Wallets) has spread widely in India over the last few years. PPIs or e-wallets are almost used everywhere to procure goods and services and for transfer of funds from one person to another. Accepting payments through digital wallets also accelerates business turnover. To promote a cashless environment, digitalisation and contact less payments, the government is taking all the possible steps to promote PPIs. Various PPIs have been issued so far in India such as Bharatpe, Paytm, UPI, Phonepe etc. and PPIs is issued by both banking and non-banking companies.

Similar to bank accounts, Digital wallets contain money in digital form. However, in comparison to banks, it is quite easy to use the funds lying in digital wallets. Therefore, similar to banks, regulations are also required on the companies which are operating PPIs payment platforms. Therefore, to ensure safety and protection of customer’s funds, Reserve Bank of India has issued various regulations and circulars on issuance and operations of PPIs.

Following three types of prepaid instruments are issued in India:

1. Closed System PPIs
2. Semi-Closed PPIs
3. Open System PPIs

Closed wallets, can’t be used for third party payments, do not require authorisation and approval by RBI. However, various regulations are specified for Semi-Closed wallets by the Reserve Bank of India. In this article, a detailed discussion has been carried out of norms laid down in India for Semi-Closed wallets.

1. What is a Semi-Closed Wallet

• These digital wallets or PPIs are used for purchase of goods and services, including financial services, remittance facilities, etc., at a group of clearly identified merchant locations / establishments.
• These PPIs can be used for payment or remittance with those third parties which have a specific contract with the PPI issuer to accept the PPIs as payment instruments.  Such a contract can be entered through a payment aggregator or payment gateway and does not need to be directly entered between PPI issuer and merchant.
• However, These instruments do not permit cash withdrawal.
• Semi closed System PPIs are issued only by banking institutions which are approved by RBI or non-banking Institution authorised by RBI.
• Paytm Wallet is an example of Semi-Closed System PPIs. Balance lying in paytm wallet can be used for purchase of goods from such a third party which is registered with Paytm as merchant.

To sum up, Semi-Closed Wallets are handy payment instruments which are used with a group of pre-identified merchants.

2. Who is Eligible to issue semi-closed wallets

RBI has issued “Master Direction on Issuance and Operation of Prepaid Payment Instruments” vide Direction No. RBI/DPSS/2017-18/58 Master Direction DPSS.CO.PD.No.1164/02.14.006/ 2017-18 dated 11th October 2017.

As per such master directions, semi-closed wallets can be issued by:

1. Banks which comply with the eligibility criteria, including those stipulated by the respective regulatory department of RBI, after obtaining approval from RBI.
2. Non-bank entities which comply with the eligibility criteria, including those stipulated by the respective regulatory department of RBI, after obtaining authorization from RBI.

Approvals and authorizations are obtained from RBI by filing an application under Payment and Settlement Systems Act, 2007.

3. What is the eligibility criteria for a semi-closed wallet

As per master directions, all Banking and Non-Banking entities filing applications with RBI for approval and authorisation of semi-closed payment PPIs must comply with minimum capital requirement and other eligibility criteria.

Read about capital and other eligibility requirements for Semi-Closed wallets.

4. What is the process for obtaining Authorisation from RBI

• A non-bank entity desirous of setting up Semi-closed payment PPIs, shall apply for authorisation with RBI in Form A under the Payment and Settlement Systems Regulations, 2008 along with the requisite application fees.
• The RBI shall carry out the initial screening of application to ensure prima facie eligibility of the applicants. RBI shall also check ‘fit and proper’ status of the applicant and management and for this purpose it may obtain inputs from other regulators, government departments, etc., as deemed fit. 
• Applications which are incomplete or non in prescribed format or not meeting the eligibility criteria shall be returned without refund of the application fees.
• Apart from compliance with applicable guidelines, RBI shall also apply other checks on certain essential aspects like customer service and efficiency, technical and other related requirements, safety and security aspects, etc. before granting in-principle approval to the applicants.
• Subject to meeting the eligibility criteria and other conditions, the RBI shall issue an ‘in-principle’ approval and it shall remain valid for a period of 6 months.
• The entity shall submit a satisfactory System Audit Report (SAR) to RBI within these 6 months, failing which the in-principle approval shall lapse automatically. SAR shall be accompanied by a Chartered Accountant certificate regarding compliance with minimum requirement of net worth. An entity can seek a one-time extension, maximum period of 6 months, for submission of SAR by making a request in writing. However, The RBI reserves the right to decline such a request for extension.
• Subsequent to the issue of approval, if RBI comes to know about any adverse features regarding the entity / promoters / group or business practices, etc., then the RBI may impose additional conditions and if warranted, the in-principle approval may be withdrawn.
• The RBI shall issue the final certificate of Authorisation after receipt of satisfactory SAR and net-worth certificate. Entities granted final authorisation shall commence business within 6 months from the grant of Certificate failing which the authorisation shall lapse automatically. However, entity may request for extension subject to a maximum period of 6 months.
• The Certificate of Authorisation shall be valid for 5 years unless otherwise specified and shall be subject to review including cancellation of Certificate of Authorisation.
• Application for renewal of authorisation shall be filed atleast 3 months before the expiry of validity of Certificate of Authorisation, failing which RBI reserves the right to decline the request for renewal.
• Any proposed major change, such as changes in product features / process, structure or operation of the payment system, etc. shall be communicated to the RBI with complete details. RBI shall endeavor to reply within 15 business days after receipt of above communication.
• In case of any takeover or acquisition of control or change in management of a non-bank entity shall be communicated to RBI within 15 days with complete details. RBI shall examine the ‘fit and proper’ status of the management and, if required, may place suitable restrictions on such changes.

5. What are the Safeguards issued by RBI

Huge funds are involved in PPIs and a number of transactions are carried out in a day through PPIs. Therefore, there is a possibility of using these funds for various illegal transaction such as Money Laundary practises, Terrorism funding etc. Therefore, RBI has implemented following protections:

1. 银行监管部（DBR）发布的所有关于“了解您的客户”（KYC）、反洗钱（AML）及打击资助恐怖主义（CFT）的准则，均适用于所有预付支付工具（PPI）发行机构及其代理商。
2. 《2020年防止洗钱法》的规定同样适用于所有PPI发行机构。所有机构均须落实必要系统，以确保符合上述准则。
3. PPI发行机构须保存所有使用PPI进行的交易记录，保存期限至少为10年。此类数据须在印度储备银行（RBI）或其指定的任何机构要求时，提供以供审查。此外，PPI发行机构还须向印度金融情报局（FIU-IND）提交可疑交易报告（STR）。

6. Know Your Customer (“KYC”) and conditions for issuance of Semi-Closed PPIs

在发行PPI时，银行或非银行发行机构须收集有关PPI持有人的特定KYC信息，以确保安全性。银行与非银行发行机构的KYC准则相同。根据PPI的金额大小，所需收集的信息集会有所不同。

a. PPIs upto INR 10,000

1. 银行及非银行发行机构仅在收集以下最低限度信息后，方可发行金额上限为10,000卢比的PPI：
   • 经一次性密码（OTP）验证的手机号码；
   • 姓名自述；以及
   • 任何“官方有效证件”的唯一识别号码。

2. These PPIs shall be reloadable in nature. Maximum amount of INR 10,000 can be reloaded during a month and the total reloading amount during the financial year shall not exceed Rs.1,00,000/-.
3. The amount outstanding at any point of time in such PPIs shall not exceed Rs.10,000/-
4. The total debit from such PPIs shall not exceed INR 10,000 in any month.
5. These PPIs shall be used only for purchase of goods and services. Funds transfer to Bank accounts and other PPIs holders shall not be permitted.
6. No separate limit is provided based on the nature of purchase of goods and services. PPI holder may spent anywhere within the overall PPI limit.
7. These PPIs shall be converted into KYC compliant semi-closed PPIs within 24 months from the date of issue of PPI, failing which no further credit shall be allowed in such PPIs. However, the PPI holder shall be allowed to use the balance available in the PPI.
8. PPI issuers shall ensure that this category of PPI is not issued to the same user in future using the same mobile number and same minimum details.
9. PPI issuers shall have an option to close the PPI at any time and balance remaining in PPI Account at the time of closure shall be transferred to the ‘own bank account of the PPI holder’ (duly verified by the Issuer), after complying with KYC requirements of the PPI holder. PPI issuers can also transfer the funds ‘back to source’ (payment source from where the PPI was loaded) at the time of closure.
10. The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail / post or by any other means at the time of issuance of the PPI / before the first loading of funds.

b. 金额上限为100,000卢比的PPI

1. Bank and non-bank Issuers shall issue these PPIs after after completing KYC of the PPI holder (as indicated in paragraph 6).
2. The amount outstanding in these PPIs shall not exceed Rs.1,00,000/- at any point of time.
3. Funds in these PPI Accounts can be used for Purchase of goods or service or transfer to any bank account or other PPI Account.
4. PPI issuers shall have the facility to add “beneficiaries’ by providing their bank account details. 
5. In case of such pre-registered beneficiaries, PPI issuer can transfer the funds within the limit set. However, such limit shall not exceed Rs.1,00,000/- per month per beneficiary.
6. The funds transfer limits for all other cases shall be restricted to Rs.10,000/- per month.
7. PPI issuers shall clearly indicate these limits to the PPI holders and also provide necessary options to PPI holders to set their own fund transfer limits.
8. In case of closure, balance in PPI Account shall be transferred to pre-designated bank account or other PPIs of same issuer (or other issuers as and when permitted).

c. 金额上限为10,000卢比且仅限从银行账户充值的PPI

(inserted vide circular DPSS.CO.PD.No.1198/02.14.006/2019-20 dated December 24, 2019)

1. 此类PPI须由银行及非银行PPI发行机构在获取PPI持有人以下最低限度详细信息后方可发行：
   • 经OTP验证的手机号码；
   • 姓名自述；以及
   • 任何“强制性证件”或“官方有效证件”的唯一识别号码。
2. 此类PPI可重复充值，每月充值金额不得超过10,000卢比，年度充值总额不得超过120,000卢比。
3. 此类PPI中任何时间点的未结余额均不得超过10,000卢比。
4. 此类PPI仅限用于购买商品和服务，不得用于资金转账。
5. 账户关闭时，余额资金须“原路退回”。

7. Validity and Redemption of PPIs

1. 国内发行的所有PPI，自最后一次充值/重新充值之日起，有效期至少为1年。
2. 不过，PPI发行机构可发行有效期更长的PPI。若PPI以卡片形式发行（卡面上标有有效期），则客户有权申请更换卡片。
3. PPI发行机构须在PPI到期前45天内，以合理的间隔提醒持有人注意PPI工具即将到期。
4. 若PPI账户到期或关闭，且在关闭时无人认领账户余额，非银行PPI发行机构自PPI到期日起至少3年内不得将该余额转入其损益表。若PPI持有人在PPI到期后的任何时间联系发行机构要求退还此类金额，则该款项须支付至持有人的银行账户。
5. 连续1年未发生金融交易的PPI，经通知持有人后，将由PPI发行机构转为非激活状态。此类PPI仅在经过验证及履行相关尽职调查后方可重新激活。此类PPI须单独向印度储备银行（RBI）报告。

8. Deployment of money collected by PPI Issuer

发行PPI的银行或非银行公司持有PPI持有人的资金，确保这些资金的安全至关重要。因此，印度储备银行（RBI）已明确了PPI发行机构所筹集资金的部署方式。

a. Bank PPI issuer

对于银行运营的计划，未结余额应计入“净需求与定期负债”，以满足储备金要求。该头寸将根据报告日银行账簿中显示的余额进行计算。

b. Non-Bank PPI Issuer

非银行PPI发行机构须在任何一家商业银行开设托管账户，以存放其未结余额。公司可在另一家商业银行开设额外的托管账户。托管余额的维护须遵守以下条件：

• The balance in escrow account shall not, at the end of the day, be lower than the value of outstanding PPIs and payments due to merchants. 
• As far as possible, PPI issuers shall ensure immediate credit of funds to escrow on issue, load/reload of PPIs. However, under no circumstance such credit shall be later than the close of business day (the day on which the PPI has been issued, loaded / reloaded). This requirement shall be montined by PPI issuer on a daily basis and any shortfall shall be reported to the Regional Office of DPSS, RBI immediately.
• Only the following debits and credits shall be permitted in the escrow account:

Credits

• Payments received towards issue, load / reload of PPIs, including at agent locations.
• Refunds received for failed / disputed / returned / cancelled transactions.
• Payments received from sponsor banks towards settlement obligations from participation in interoperable payment systems, as permitted by RBI from time to time.

Debits

• Payments to various merchants / service providers towards reimbursement of claims received from them.
• Payment to sponsor bank for processing funds transfer instructions received from PPI holders as permitted by RBI from time to time.
• Payments made to sponsor bank towards settlement obligations from participation in interoperable payment systems, as permitted by RBI from time to time.
• Payment towards applicable Government taxes.
• Refunds towards cancellation of transactions. The funds shall be credited back to the same source from where these were received. These funds are not to be forfeited till the disposal of the case.
• Any other payment due to the PPI issuer in the normal course of operating the PPI business (for instance, service charges, forfeited amount, commissions, etc.).
• Any other debit as directed by the regulator / courts / law enforcement agencies.

9. Mechanism for Customer Grievance Redressal

At the time of issuance, all entities issuing PPI to users must clearly define all terms, conditions, and usage. On the other hand, at the same time, disputes are bound to arise which leads to a number of complaints that need a redressal mechanism. This is why customers' complaints should be handled in an effective manner by the entities.

Customers should have access to the following services provided by the entities:

• Toll-free number or customer service hotline
• Validity
• Brochure of terms and conditions
• The website's URL
• Charges information