Prepaid Payment Instruments: Prepaid Payment Instrument means PPI is a means of making payments, with the help of which goods or service can be purchased.
Bajaj Finance has been allowed by the Reserve Bank of India to issue semi-closed prepaid payment instrument. According to the guidelines of the Reserve Bank under the Payment and Settlement Act 2005, a prepaid payment instrument, or PPI, is a means of making payments that can be used to purchase goods or services.
Fund transfer and financial works can also be done with the help of PPI. However, its limit will be the same as the value in your payment instrument. A prepaid payment instrument can be a kind of payment wallet. Apart from this, it can be in the form of smart card, magnetic chip, voucher, mobile wallet. In this, cash, debit card, credit card, value can be transferred from any other PPI.
Bajaj Finance is an NBFC ie Non Banking Financial Corporation. Its result for the March quarter has been revealed. Consolidated net profit jumped 42 percent in this quarter. This figure is 1364 crores. Total income has fallen by 5.2 per cent to Rs 6854 crore.
