(Reviewed and Adopted by the Board as on 21/10/2019)
The Reserve Bank of India vide its Master Direction on Issuance and Operation of Prepaid Payment Instruments issued on October 11, 2017 and as amended from time to time has laid down provisions for recognizing and treatment of balances in expired Prepaid Payment Instruments (PPIs). The primary objective of the policy is to define a framework regarding:
A. Validity & Expiry of PPI:
Expiry of PPIs
A Dhani Pay PPI will have a minimum validity of three years and shall continue to be valid until it turns inactive. After the minimum validity period, those PPIs which remain Inactive will get expired.
PPIs with no financial transaction for a consecutive period of one year will be made inactive. Customers may reactivate the expired PPIs post compliance with the required due diligence process. As part of the due diligence process, the customers will be required to submit KYC documents and support any other validation which TranServ may require. Details pertaining to inactive PPIs will be reported as prescribed by RBI.
The Dhani Pay Card (Card) will be linked to the Dhani Pay Wallet (Wallet) of the Customer. The Card comes with a validity printed on the card. The Card will expire in the following scenarios:
B. Notice & Communication
The customers will be sent notice 45 days prior to the date of expiry. This notice will be sent either via email or SMS or as in-app notification. Customers will also be notified upon their PPI becoming inactive.
C. Effects of Expiry of Dhani Pay PPI:
D. Review of the policy
The Policy will be reviewed annually by the Board, or as and when required, including in cases of changes in the business or regulatory environment.