The Reserve Bank of India ("RBI") has placed the Draft Reserve Bank of India (Prepaid Payment Instruments) Directions, 2026 ("Draft PPI Direction") for comments on its website on 22 April 2026. The RBI had issued the existing Master Directions on Prepaid Payment Instruments ("PPI MD") in 2021 to provide a regulatory framework for the issuance and operation of prepaid payment instruments ("PPIs"). PPIs are payment tools that allow the holders to buy goods and services, or se