The central bank Reserve Bank of India has granted Slice a prepaid payment instrument (PPI) licence (RBI).
The Economic Times report quoted sources saying, “Slice has received the PPI licence from RBI and its product has gone live with a few select users as well. They hope to accept more users who want to come to Slice as a result of this.” Slice intends to expand its user base by offering minimum know your customer (KYC) PPI accounts to teenagers. The fintech startup will allow its new user base (teenagers) to spend up to INR 10,000 per month, in accordance with the RBI’s guidelines for small PPI players.
