You can call the Phone Banking number # 1800 103 1222 and request for a new PIN to be reissued to you. However, the new PIN will be delivered to your corporate address basis your Corporate enrolment model. Alternately, you can download our Purz App and generate new PIN instantly.

In case your card is lost or stolen, immediately call the Phone Banking number (1800 103 1222), mentioned on the backside of your card, and report the loss of your card. This facility is available 24X7.

Yes, you are allowed to change your Prepaid card PIN in the PURZ App or call the Customer Care No - 1800 103 1222 for re-issuance of the PIN.

Yes, Card balance cannot be more than ₹ 100000/- at any given point of time for full KYC customers.

Loading and reloading is as per the corporate instructions. It is not possible for cardholders to request a reload.

No, however the Corporate to which you are associated with, must have a current account with Equitas.

The Card is a Prepaid payment device with an Indian Rupee value. The Card is not a credit, charge or a debit card. This Card should not be used for any unlawful purposes.

The unspent amount of the value loaded on your Prepaid Card is the "Available Balance".

It depends on the Corporate Program under which you are enrolled.

No, you can use prepaid card in India only.

You may also register your feedback / complaints by calling us at our Toll Free Number 1800 103 1222 or write to us through the email address: customerservice@equitasbank.com also please find link https://www.equitasbank.com/register-your-feedback.

A company incorporated in India and registered under the Companies Act, 1956 / Companies Act, 2013 can issue and operate PPIs after receiving authorisation from RBI.

The list is available on the RBI website at the link https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043 and https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2491.

PPIs are instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments. PPIs that can be issued in the country are classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and (iii) Open System PPIs.

PPI issuer is an entity operating / participating in a payment system for issuing PPIs to individuals / organisations. The money so collected is used by the entity to make payment to the merchants who are part of the acceptance arrangement and for facilitating funds transfer / remittance services.

A holder is an individual / organisation who obtains / purchases PPI from the PPI issuer and uses the same for purchase of goods and services, including financial services, remittance facilities, etc. However, in case of a Gift PPI, the targeted beneficiary (though not being a purchaser) can also be a holder.

Closed System PPIs : These PPIs are issued by an entity for facilitating the purchase of goods and services from that entity only and do not permit cash withdrawal. As these instruments cannot be used for payments or settlement for third party services, the issuance and operation of such instruments is not classified as payment system requiring approval / authorisation by the RBI.

Semi-closed System PPIs : These PPIs are issued by banks (approved by RBI) and non-banks (authorized by RBI) for purchase of goods and services, including financial services, remittance facilities, etc., at a group of clearly identified merchant locations / establishments which have a specific contract with the issuer (or contract through a payment aggregator / payment gateway) to accept the PPIs as payment instruments. These instruments do not permit cash withdrawal, irrespective of whether they are issued by banks or non-banks.

Open System PPIs : These PPIs are issued only by banks (approved by RBI) and are used at any merchant for purchase of goods and services, including financial services, remittance facilities, etc. Cash withdrawal at ATMs / Points of Sale (PoS) terminals / Business Correspondents (BCs) are also allowed through such PPIs.

No interest is payable on PPI balances.

PPIs can be loaded / reloaded by cash, by debit to a bank account, by a credit / debit card, or from other PPIs. The loading / reloading of PPIs shall be through payment instruments issued by entities regulated in India and shall be in Indian Rupees (INR) only. Banks and non-banks are permitted to issue and reload such payment instruments through their authorised outlets / branches / ATMs or through their authorised / designated agents.

Yes, the cash loading of PPIs is limited to ₹ 50,000/- per month subject to overall limit of the PPI. The limit on loading of PPIs via electronic / online means is subject to overall limit of the PPI.

The PPIs may be issued as cards, wallets, and any such form / instrument which can be used to access the PPI and to use the amount therein. PPIs in the form of paper vouchers shall no longer be issued.

Like any PPI, prepaid meal instruments may be issued as cards, wallets, and in any such form or instrument (except in the form of paper vouchers) which can be used to access the PPI and to use the amount therein. Prepaid meal instruments can be issued only as semi-closed PPIs without cash withdrawal and funds transfer.

PPI issuers, including their agents, shall not create new PPIs each time, for facilitating cash-based remittances to other PPIs / bank accounts. PPIs created for previous remittance by the same person shall be used.

Yes. PPIs can be issued on solo basis by a PPI issuer or on co-branded basis with another entity.

The co-branding partner shall be a company incorporated in India and registered under the Companies Act, 1956 / Companies Act, 2013. In case the co-branding partner is a bank, then the same shall be a bank licensed by RBI. In case of co-branding arrangement between a bank and a non-bank entity, the bank shall be the PPI Issuer. In case both the entities are non-banks, one of them will be pre-assigned, in advance, the role of issuer among themselves.

Between the two partners, one will be designated as a PPI issuer who shall be responsible for addressing all customer service aspects relating to the co-branded PPI.

Semi-closed PPIs can be of two types :

• PPIs upto ₹ 10,000/- where minimum details of the PPI holder are obtained (minimum detail PPI).
• PPIs upto ₹ 1,00,000/- where KYC of the PPI holder is obtained (KYC compliant PPI).

The meaning of KYC is as defined in paragraph 6 of the PPI-MD.

The minimum details shall include mobile number verified with an One Time Pin (OTP) and self-declaration of name and unique identification number of either any of the 'Officially Valid Document (OVD)' defined under Rule 2(d) of the PML Rules, 2005, or any of the mandatory documents, as applicable, under the PML Rules, 2005.

The salient features of 'minimum detail PPI' are as follows :

• These PPIs are reloadable in nature.
• The amount loaded during any month shall not exceed ₹ 10,000/- and the total amount loaded during the financial year shall not exceed ₹ 1,00,000/-.
• The amount outstanding at any point of time shall not exceed ₹ 10,000/-.
• The total amount debited during any given month shall not exceed ₹ 10,000/-.
• These PPIs shall be used only for purchase of goods and services. Funds transfer to bank accounts or PPIs of same / other issuers shall not be permitted.

Funds transfer from a 'minimum detail PPI' to bank accounts or to PPIs of same / other issuers shall not be permitted.

A 'minimum detail PPI' can be held for a maximum period of 12 months only. These 12 months shall be counted from the day of opening of such a PPI. Within this period of 12 months, it has to be converted into KYC compliant PPIs failing which, no further credit in such PPI shall be allowed. However, the PPI holder shall be allowed to use the available balance. All such PPIs existing as on February 28, 2018 shall be converted into KYC compliant PPIs by February 28, 2019.

Reissue of such PPIs using the same mobile number and same minimum details is not allowed.

PPI holder has the option to close the PPI at any time and transfer the outstanding balance to his / her 'own bank account' after complying with KYC requirements. The account to which the closure proceeds are to be transferred has to be 'duly verified by the PPI Issuer' before allowing such transfer. PPI holder can also transfer the funds 'back to source' (source of payment from where the PPI was loaded) at the time of closure.

PPI issuer is responsible for verifying that the bank account pertains to the PPI holder for which it may devise suitable methods of verification.

The salient features of semi-closed 'KYC compliant PPI' are as follows :

• These PPIs shall be reloadable in nature.
• The amount outstanding shall not exceed ₹ 1,00,000/- at any point of time. However, there are no limits prescribed for total credits or debits during a month.
• They can be used for purchase of goods and services as well as funds transfer.

Yes, funds transfer is allowed from a 'KYC Complaint PPI' within a limit of ₹ 10,000/- per month per holder. However, an enhanced limit of up to ₹ 1,00,000/- per month per beneficiary can be availed if the beneficiary is 'pre-registered' by PPI holder. A PPI issuer may, however, set a lower limit after taking into account the risk profile of the PPI holder, other operational risks, etc.

PPI issuers shall give an option to the PPI holders to close the PPI and transfer the balance to bank account as per the applicable limits of this type of PPI. For this purpose, the Issuer shall provide an option at the time of issuing the PPI, to the holder to provide details of pre-designated bank account or other PPI to which the balance amount available in the PPI shall be transferred in the event of closure of PPI, expiry of validity period of such PPIs, etc. At the time of closure, a holder can specify a bank account which is different from pre-designated account given earlier.

Open System PPIs can be issued only by banks, who have RBI approval to issue such PPIs. There is only one type of open system PPI i.e. PPI upto ₹ 1,00,000/- after completing KYC of the PPI holder (KYC compliant PPI).

The salient features of Open System PPIs are as follows :

• They are reloadable in nature.
• The amount outstanding in such a PPI shall not exceed ₹ 1,00,000/- at any point of time.
• They can be used for purchase of goods and services, funds transfer and cash withdrawal.

Every successive payment transaction using a PPI has to be authenticated by explicit customer consent. Similarly, the PPIs issued in the form of cards (physical or virtual) shall necessarily have an Additional Factor of Authentication (AFA) as required for debit cards, except in case of PPIs issued under PPI-MTS.

The salient features of prepaid gift instruments are as follows :

• Maximum value of each such prepaid gift instrument shall not exceed ₹ 10,000/-.
• These instruments shall not be reloadable
• Cash-out or refund or funds transfer shall not be permitted for such instruments.
• The gift instruments may be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.

The salient features of PPIs for Mass Transit Systems (PPI-MTS) are as follows :

• These are semi-closed PPIs issued by mass transit system operators.
• Apart from the mass transit system, such PPI-MTS can be used only at other merchants whose activities are allied / related to or are carried on within the premises of the transit system.
• They can be reloadable in nature.
• Maximum outstanding cannot exceed the limit of ₹ 3,000/- at any point of time.
• Cash-out or refund or funds transfer are not permitted.
• They can be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.
• There is no need of AFA for transactions using such PPIs.

Where a PPI holder has not exercised the option of converting into any of the new categories, the PPIs issued to his / her shall mandatorily be converted into a minimum detail PPI with all the applicable features as on March 01, 2018. While the PPI holder shall be allowed to use the existing balance for purchase of goods and services, no further credit / loading shall be allowed till the minimum details are obtained.

All PPIs shall have a minimum validity period of one year from the date of last loading / reloading in the PPI. PPI issuers are, however, free to issue PPIs with a longer validity. Issuers shall clearly indicate the expiry period of the PPI to the customer at the time of issuance of PPIs.

A PPI with no financial transaction for a consecutive period of one year shall be made / treated as inactive after sending a notice to the PPI holder. It can be reactivated only after validation and applicable due diligence.

The holders of such PPIs shall be permitted to redeem the outstanding balance in the PPI, if for any reason the scheme is being wound-up or is directed by RBI to be discontinued.

Refunds in case of failed / returned / rejected / cancelled transactions shall be applied to the respective PPI immediately, to the extent that payment was made initially by debit to the PPI, even if such application of funds results in exceeding the limits prescribed for that type / category of PPI.

Refunds in case of failed / returned / rejected / cancelled transactions using any other payment instrument should not be credited to a PPI and should be credited back to the same payment instrument.

PPI issuers shall disclose all important terms and conditions in clear and simple language to the holders while issuing the instruments. These disclosures shall include :

• All charges and fees associated with the use of the instrument.
• The expiry period and the terms and conditions pertaining to expiration of the instrument.

PPI issuers shall put in place a formal, publicly disclosed customer grievance redressal framework, including designating a nodal officer to handle the customer complaints / grievances, the escalation matrix and turn-around-time for complaint resolution. The framework shall include, at the minimum, the following :

• Dissemination of the information of customer protection and grievance redressal policy of the PPI issuer in simple language.
• Clear indication of the customer care contact details of the PPI issuer, including details of nodal official for grievance redressal on website, mobile apps, and cards.
• Display of proper signage by the agents of the PPI Issuer and the customer care contact details as at (b) above.
• Providing specific complaint numbers for the complaints lodged along with the facility to track the status of the complaint by the customer.
• Initiating action to resolve any customer complaint / grievance expeditiously, preferably within 48 hours and resolve the same not later than 30 days from the date of receipt of such complaint / grievance.
• Display the detailed list of the authorized / designated agents (name, agent ID, address, contact details, etc.) of the PPI issuer on the website / mobile app.
• Also provide answers to Frequently Asked Questions (FAQs) on the website / mobile app related to the PPIs.

Non-bank PPI issuers shall clearly outline the amount and process of determining customer liability in case of unauthorised / fraudulent transactions involving PPIs. Bank PPI issuers shall be guided by the Department of Banking Regulation, circular DBR.No. Leg.BC.78/09.07.005/2017-18 dated July 6, 2017 on Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions.

PPI issuers shall provide an option for the PPI holders to generate / receive account statements for at least past 6 months. The account statement shall, at the minimum, provide details such as date of transaction, debit / credit amount, net balance and description of transaction. Additionally, the PPI issuers shall provide transaction history for at least 10 transactions.

In case of PPIs issued by banks, customers have recourse to the Banking Ombudsman (BO) Scheme. RBI is in process of extending the scope of BO Scheme to non-bank PPIs also.

A PPI issuer can issue any one of the following two types to a customer :

• Minimum detail semi-closed PPI;
• KYC compliant semi-closed / open system PPI;

Within the types mentioned above, in case a PPI issuer is issuing multiple PPIs to same customer due to various reasons (e.g. multiple co-branding partners, issuance of PPI in different form factors like wallets / cards), then the PPI issuer shall monitor the limits through centralised database / management information system (MIS).

For example, the limit of ₹ 1,00,000/- at any point of time shall be calculated after combining the value in all KYC compliant PPIs issued to a customer by a particular PPI issuer under various arrangements / form factor.

Similarly, the limit of ₹ 10,000 in paragraph 9.1(i) of PPI MD is across all minimum detail PPIs (issued by the PPI issuer under various arrangements / form factor).

However, the limits does not include the two categories [Gift instruments and PPIs for Mass Transit Systems (PPI-MTS)] mentioned in paragraph 10 of the PPI-MD.

Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems. Interoperability allows PPI issuers, system providers and system participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems. Interoperability has been allowed in PPIs through circular DPSS.CO.PD.No.808/02.14.006/2018-19 dated October 16, 2018. Desirous PPI issuers can provide this facility to the customers.

Any authorised bank or non-bank PPI issuer can provide the facility of PPI interoperability.

No, it is not mandatory for a PPI issuer to allow interoperability. However, if opted for by an issuer, it shall be facilitated to all KYC compliant PPI accounts and entire acceptance infrastructure.

Interoperability is allowed only for KYC compliant PPIs.

If the PPI is issued in the form of wallet, interoperability across PPIs shall be enabled through UPI. If the PPI is issued in the form of card, the card shall be affiliated to the authorised card network for interoperability.

These FAQs are issued by the Reserve Bank of India for information and general guidance purposes only. The Bank will not be held responsible for actions taken and / or decisions made on the basis of the same. For clarifications or interpretations, if any, one may be guided by the relevant circulars and notifications issued from time to time by the Bank.