India’s financial services regulator, the Reserve Bank of India (RBI) is set to issue guidelines for banks and non-banking entities to issue prepaid instruments such as mobile prepaid vouchers as well as wallets.

“It is now proposed to permit SCB (scheduled commercial banks) which comply with eligibility criteria to issue all categories of prepaid instruments,” the RBI said in its annual monetary policy last week.

Post implementation of such a guideline, the banks and non-banking entities could issue instruments such smart cards, magnetic strip cards, internet accounts, internet wallets, mobile accounts, mobile wallets and prepaid vouchers.