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Uni accepts RBI norms for Non-Bank PPI Iissuers; card services are suspended

Uni Pay 1/3rd Card and Uni Pay 1/2 Card card services will temporarily be suspended, according to the fintech startup Uni Card. The decision was made in response to RBI restrictions that forbade non-banks from imposing credit lines onto prepaid payment instruments (PPIs) they were issuing.

According to Uni Cards, card services for its users would be “proactively” suspended starting on Friday and concluding on Monday (August 22). The startup claims that Uni Cash is made to assist clients in rapidly and directly transferring their credit lines to their bank accounts. It is also extending a no-fee partial limit on Uni Cash till September 21.

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