In India, the prepaid payment instrument (PPI), popularly known as “e-money”, is also issued by non-banks and accepted on their own infrastructure. If these instruments have to be accepted on the existing POS infrastructure, it presupposes adherence to internationally accepted standards of form factor and connectivity. Is the industry geared up for this?
Meanwhile, the long-term government bond yield declined to a record low of below 2.1 per cent in early April 1997. However, it recently rose to around 2.5 per cent as market uncertainties about the economic outlook and about Japanese financial institutions have gradually subsided in line with developments in the stock market.