Explained: RBI's Directions On Prepaid Instruments And Credit Cards
By Mohammed Kudrati The Reserve Bank of India's (RBI) notification on non-banking prepaid instruments (PPI) is having a ripple effect on the fintech space, as several players depending on them have stopped customer transactions on their own prepaid offerings. Fintech firms such as KreditBee, EarlySalary and Jupiter have stopped loading prepaid credit lines, anNDTV report states. A credit line is a loan account that can be tapped for a loan upto a limit. Repayment towards this limit replenishes it. A PPI is any instrument - like a card or wallet - that needs to be be filled with funds before ut...