BENGALURE: Looking at the futuristic growth of metro trains in urban areas, the Reserve Bank of India (RBI) has decided to issue a prepaid mass transits passes, which can be used to commute within the city by all public mass transports.  The RBI has unveiled a set of five guidelines to these kind passes, and here goes the list.

Mass transit system:

Mass transit system can be referred as a public transport system which is used by mass population to commute within the city. For instance: Bus, metro and mono

Prepaid instrument:

Prepaid instrument can be referred as an instrument used to spend pre stored money in purchasing goods and in utilizing any public facility. The semi prepaid instrument can be of mediums such as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers or any other such instruments with similar functions.

Semi-closed system pre-paid payment instruments:

Semi-closed system pre-paid payment instruments can be cited as an instrument used to spend pre stored money to purchase goods and to utilize any public facility added with monetary services at authorized commercial locations which are certified to accept the pre-paid payment. These instruments do not consent cash withdrawal.

How it works:

 According to RBI, a new sort of semi-closed Prepaid Payment Instruments (PPI) will be introduced, which shall be distributed by the mass transits operator, who is added with automatic fare collection system. The PPI service would have a validity of six months from the date of issuance and can be recharged as per the need, which maximum limit is 2000. The service can also be used for any other commercial activity within the transits premises.

Cashless society vision:

PPI could prove as a good move towards cash less society. This service is expected make lesser cash transaction among the middle class and lower middle class population of the country, who mostly opt an economical mass transits to commute in day to day life.

Also Read: 5 Most Dreadful Prisons In India, Those Will Chill You To The Bone

Maana Patel, The Girl With A Swing!