Non-banks not allowed to load credit lines on prepaid wallets, or cards.

RBI has asked fintech to stop this practice immediately. The change will come into effect on July 1.

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Some fintech is in tie-up with banks to offer credit. Slice, Uni, Fi, PayU's LazyPay, etc. extend credit through prepaid co-branded cards.

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RBI said, "The PPI-MD does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately

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According to the RBI, prepaid payment instruments (PPIs) are payment instruments, which facilitate the buying of goods and services

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RBI Governor said that the central bank would soon come out with norms to regulate the digital payment space and make it safer for the consumers

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