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Wallet Accounts: RPSL seeks to move PPIs to bank arm

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Mumbai | Published: February 23, 2018 4:59:32 AM

Reliance Payments Solutions (RPSL) on Thursday sought permission from its JioMoney customers to transfer their prepaid payment instruments (PPIs), or wallet accounts, to Jio Payments Bank, according to a public notice.

Reliance Payments Solutions, Wallet Accounts, RPSL, PPI, JioMoney PPI, JioMoney customers, Fino PayTech, Bharti Airtel, PaytmJio Payments Bank has been incorporated in partnership with State Bank of India and will soon commence operations, the notice stated. (Reuters)

Reliance Payments Solutions (RPSL) on Thursday sought permission from its JioMoney customers to transfer their prepaid payment instruments (PPIs), or wallet accounts, to Jio Payments Bank, according to a public notice.“Your JioMoney PPI shall be transferred to Jio Payments Bank in its existing capacity, i.e. Your full KYC shall be transferred as full KYC PPI and your minimum details PPI shall be transferred as minimum details PPI,” the notice stated. Those who do not wish to continue with their JioMoney account will have to notify RPSL through their JioMoney app or via email. They will also have to provide their bank account details for RPSL to process the refund of money stored in their accounts. The refund will be processed within seven days. JioMoney accounts that have not been operated in the last six months and do not have any balance will only be migrated to the payments bank on receipt of the user’s “specific consent”.

The last date to respond to the notice is March 14. Jio Payments Bank has been incorporated in partnership with State Bank of India and will soon commence operations, the notice stated. In August 2015, the Reserve Bank of India had granted in-principle approval to 11 entities to set up payments banks. Of them, three — Cholamandalam Distribution Services, entrepreneur Dilip Shanghvi and Tech Mahindra — later gave up their licences.

So far, Bharti Airtel, India Post, Paytm and Fino PayTech have set up their payments banks. According to sources in the know, the launch of Jio’s payments bank got delayed because the company had to rework its closed-loop payment system after the launch of the Unified Payments Interface.

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