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Press Releases
ഓഗ 24, 2023
RBI Imposes Monetary Penalty on Paul Merchants Finance Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹30,50,000 (Rupees thirty lakh fifty thousand only) on Paul Merchants Finance Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This ac
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹30,50,000 (Rupees thirty lakh fifty thousand only) on Paul Merchants Finance Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This ac
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ജൂലൈ 27, 2023
RBI-Digital Payments Index for March 2023
The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2023 stands at 395.57 as against 377.46 for September 2022, which was announced on January 31, 2023. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and p
The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2023 stands at 395.57 as against 377.46 for September 2022, which was announced on January 31, 2023. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and p
ജൂലൈ 05, 2023
RBI invites comments on draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or before Au
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or before Au
ജൂൺ 02, 2023
RBI invites comments on draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators
The Reserve Bank of India has today placed on its website the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or bef
The Reserve Bank of India has today placed on its website the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or bef
മാർ 06, 2023
Digital Payments Awareness Week 2023 - Launch of Mission “Har Payment Digital”
The Governor, Reserve Bank of India (RBI) today launched the Mission ‘Har Payment Digital’ on the occasion of the Digital Payments Awareness Week (DPAW) 2023. This is part of RBI’s endeavour to make every person in India a user of digital payments. DPAW 2023 will be observed from March 6 to 12, 2023. The campaign theme is “Digital Payment Apnao, Auron ko bhi Sikhao” (Adopt digital payments and Also teach others). Digital payments offer benefits of speed, convenience,
The Governor, Reserve Bank of India (RBI) today launched the Mission ‘Har Payment Digital’ on the occasion of the Digital Payments Awareness Week (DPAW) 2023. This is part of RBI’s endeavour to make every person in India a user of digital payments. DPAW 2023 will be observed from March 6 to 12, 2023. The campaign theme is “Digital Payment Apnao, Auron ko bhi Sikhao” (Adopt digital payments and Also teach others). Digital payments offer benefits of speed, convenience,
മാർ 03, 2023
RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The p
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The p
ഫെബ്രു 21, 2023
Honorable Prime Ministers of India and Singapore Launch Real-time Payment Systems Linkage between the Two Countries
Hon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime Minister of Singapore, Mr. Lee Hsien Loong today witnessed the launch of cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow. The facility was launched through token transactions by Reserve Bank Governor, Shri Shaktikanta Das and Managing Director of Monetary Authority of Singapore, Mr. Ravi Menon using the UP
Hon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime Minister of Singapore, Mr. Lee Hsien Loong today witnessed the launch of cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow. The facility was launched through token transactions by Reserve Bank Governor, Shri Shaktikanta Das and Managing Director of Monetary Authority of Singapore, Mr. Ravi Menon using the UP
ഫെബ്രു 21, 2023
Extending UPI for Inbound Travellers to India
The Reserve Bank of India (RBI) had announced in the Statement on Developmental and Regulatory Policies dated February 08, 2023, a facility to enable all in-bound travellers visiting India to make local payments using Unified Payments Interface (UPI) while they are in India. This facility is made available from today. To start with, it is available to travelers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi). Eligible travellers
The Reserve Bank of India (RBI) had announced in the Statement on Developmental and Regulatory Policies dated February 08, 2023, a facility to enable all in-bound travellers visiting India to make local payments using Unified Payments Interface (UPI) while they are in India. This facility is made available from today. To start with, it is available to travelers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi). Eligible travellers
ഫെബ്രു 15, 2023
Applications of Online Payment Aggregators received under the Payment and Settlement Systems Act, 2007 - Status
With a view to bringing entities undertaking online payment aggregation business within the regulatory fold, Reserve Bank of India (RBI) has issued circulars dated March 17, 2020 and March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways” (Guidelines). In terms of the Guidelines, online non-bank Payment Aggregators (PAs) – existing as on March 17, 2020 (referred to as existing PAs) – were required to apply to RBI by September 30, 20211
With a view to bringing entities undertaking online payment aggregation business within the regulatory fold, Reserve Bank of India (RBI) has issued circulars dated March 17, 2020 and March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways” (Guidelines). In terms of the Guidelines, online non-bank Payment Aggregators (PAs) – existing as on March 17, 2020 (referred to as existing PAs) – were required to apply to RBI by September 30, 20211
ഫെബ്രു 14, 2023
Reserve Bank of India launches its Second Global Hackathon - HARBINGER 2023
Reserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideas
Reserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideas
ഫെബ്രു 03, 2023
Payments Infrastructure Development Fund (PIDF) - Status Update
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. Further, J & K and Ladakh regions are included as special focus areas from June 09, 2022.
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. Further, J & K and Ladakh regions are included as special focus areas from June 09, 2022.
ജനു 31, 2023
Reserve Bank of India announces Digital Payments Index for September 2022
The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country ove
The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country ove
ജനു 16, 2023
RBI releases Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks
As part of the Statement on Developmental and Regulatory Policies released on September 30, 2022, RBI had proposed to adopt an expected loss-based approach for loss allowances required to be maintained by banks in respect of their loan exposures. It was announced that a discussion paper on the various aspects of the transition will be issued shortly. Accordingly, RBI has today released the Discussion Paper (DP) that comprehensively examines various issues and proposes
As part of the Statement on Developmental and Regulatory Policies released on September 30, 2022, RBI had proposed to adopt an expected loss-based approach for loss allowances required to be maintained by banks in respect of their loan exposures. It was announced that a discussion paper on the various aspects of the transition will be issued shortly. Accordingly, RBI has today released the Discussion Paper (DP) that comprehensively examines various issues and proposes
ജനു 05, 2023
Regulatory Sandbox (RS) - Fourth Cohort on Prevention and Mitigation of Financial Frauds - Test Phase
The Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 Re
The Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 Re
ഡിസം 29, 2022
Reserve Bank of India imposes Monetary Penalty on Mynd Solutions Private Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regu
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regu
നവം 30, 2022
Reserve Bank of India and Financial Services Agency, Japan exchange Letter of Cooperation in the field of Central Counter Parties
The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan today exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common in
The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan today exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common in
ഒക്ടോ 31, 2022
RBI imposes Monetary Penalty on Vakrangee Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,76,00,000 (Rupees One Crore and Seventy Six Lakh only) on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pron
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,76,00,000 (Rupees One Crore and Seventy Six Lakh only) on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pron
ഒക്ടോ 20, 2022
Revocation of Certificate of Authorisation of GI Technology Private Limited
The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation GI Technology Private Limited No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai
The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation GI Technology Private Limited No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai
സെപ്റ്റം 05, 2022
Regulatory Sandbox - Fifth Cohort Announcement and Opening of ‘On Tap’ application for Second Cohort on ‘Cross Border Payments’
Based upon the feedback received from various stakeholders, and in order to foster continuous innovation in various areas pertaining to fintech as well as to provide testing platform to the different products/ services/ technology which fall under the domain of the Reserve Bank as indicated in para 6.1.3 of the Enabling Framework for Regulatory Sandbox, it is announced that the Fifth Cohort under Regulatory Sandbox will be theme neutral. Innovative products/ services/
Based upon the feedback received from various stakeholders, and in order to foster continuous innovation in various areas pertaining to fintech as well as to provide testing platform to the different products/ services/ technology which fall under the domain of the Reserve Bank as indicated in para 6.1.3 of the Enabling Framework for Regulatory Sandbox, it is announced that the Fifth Cohort under Regulatory Sandbox will be theme neutral. Innovative products/ services/
സെപ്റ്റം 05, 2022
Regulatory Sandbox: ‘On Tap’ application facility for theme ‘Retail Payments’ - Shortlisting of entities
The Reserve Bank had announced opening of the ‘On Tap’ application facility for the theme ‘Retail Payments’ under Regulatory Sandbox vide Press release dated October 08, 2021. 2. In this regard, it is informed that the below mentioned two entities have been selected for the ‘Test Phase’: Sl. No. Sandbox Entity Product Description 1 HDFC Bank (in partnership with Crunchfish AB1) The product ‘Offline Retail Payments’ provides capability for customer and merchants to be
The Reserve Bank had announced opening of the ‘On Tap’ application facility for the theme ‘Retail Payments’ under Regulatory Sandbox vide Press release dated October 08, 2021. 2. In this regard, it is informed that the below mentioned two entities have been selected for the ‘Test Phase’: Sl. No. Sandbox Entity Product Description 1 HDFC Bank (in partnership with Crunchfish AB1) The product ‘Offline Retail Payments’ provides capability for customer and merchants to be
ഓഗ 24, 2022
Reserve Bank of India lifts the business restrictions imposed on American Express Banking Corp
In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. from on-boarding new domestic customers
In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. from on-boarding new domestic customers
ഓഗ 18, 2022
RBI imposes monetary penalty on Obopay Mobile Technology India Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹5,93,000/- (Rupees five lakh ninety-three thousand only) on Obopay Mobile Technology India Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹5,93,000/- (Rupees five lakh ninety-three thousand only) on Obopay Mobile Technology India Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The
ഓഗ 17, 2022
Reserve Bank of India releases Discussion Paper on Charges in Payment Systems
As announced in the Statement on Developmental and Regulatory Policies dated December 08, 2021, the Reserve Bank of India (RBI) has today released a discussion paper on “Charges in Payment Systems” for public feedback. Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through email on or before October 3, 2022. 2. The focus of RBI’s initiatives in the payment systems has been to ease frictions which may arise from s
As announced in the Statement on Developmental and Regulatory Policies dated December 08, 2021, the Reserve Bank of India (RBI) has today released a discussion paper on “Charges in Payment Systems” for public feedback. Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through email on or before October 3, 2022. 2. The focus of RBI’s initiatives in the payment systems has been to ease frictions which may arise from s
ജൂലൈ 27, 2022
Reserve Bank of India announces Digital Payments Index for March 2022
The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2022 stands at 349.30 as against 304.06 for September 2021, which was announced on January 19, 2022. The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country in
The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2022 stands at 349.30 as against 304.06 for September 2021, which was announced on January 19, 2022. The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country in
ജൂലൈ 19, 2022
Regulatory Sandbox (RS): Second Cohort on ‘Cross-Border Payments’ - Exit
In the Second Cohort under the Regulatory Sandbox (RS) with ‘Cross-Border Payments’ as its theme, eight entities commenced testing of their products which was communicated vide Press Release dated September 13, 2021. 2. The following four entities have completed the ‘Test Phase’. Sl. No. Sandbox Entity Description 1 Cashfree Payments India Private Limited The product extends a cross-border payment platform to facilitate the purchase of assets listed on foreign exchang
In the Second Cohort under the Regulatory Sandbox (RS) with ‘Cross-Border Payments’ as its theme, eight entities commenced testing of their products which was communicated vide Press Release dated September 13, 2021. 2. The following four entities have completed the ‘Test Phase’. Sl. No. Sandbox Entity Description 1 Cashfree Payments India Private Limited The product extends a cross-border payment platform to facilitate the purchase of assets listed on foreign exchang
ജൂലൈ 12, 2022
RBI imposes Monetary Penalty on Ola Financial Services Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹1,67,80,000/- (Rupees one crore sixty seven lakh eighty thousand only) on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The penalty has been imposed
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹1,67,80,000/- (Rupees one crore sixty seven lakh eighty thousand only) on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The penalty has been imposed
ജൂലൈ 01, 2022
Benchmarking India’s Payment Systems - Follow-on exercise
The Reserve Bank of India today released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other major countries. The benchmarking exercise was first carried out in 2019 with respect to the position in 2017. This follow-on benchmarking exercise, covering the same countries and parameters used in the earlier study, was undertaken with respect to the position in 2020. The highlights of the
The Reserve Bank of India today released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other major countries. The benchmarking exercise was first carried out in 2019 with respect to the position in 2017. This follow-on benchmarking exercise, covering the same countries and parameters used in the earlier study, was undertaken with respect to the position in 2020. The highlights of the
ജൂൺ 24, 2022
Reserve Bank of India encourages cardholders to tokenise their cards
Currently, many entities, including merchants, involved in an online card transaction chain store card data like card number, expiry date, etc. [Card-on-File (CoF)] citing cardholder convenience and comfort for undertaking transactions in future. While this practice does render convenience, availability of card details with multiple entities increases the risk of card data being stolen/misused. There have been instances where such data stored by merchants, etc., have
Currently, many entities, including merchants, involved in an online card transaction chain store card data like card number, expiry date, etc. [Card-on-File (CoF)] citing cardholder convenience and comfort for undertaking transactions in future. While this practice does render convenience, availability of card details with multiple entities increases the risk of card data being stolen/misused. There have been instances where such data stored by merchants, etc., have
ജൂൺ 17, 2022
Payments Vision 2025
The Reserve Bank of India (RBI) has today placed on its website the “Payments Vision 2025”. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options. Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment a
The Reserve Bank of India (RBI) has today placed on its website the “Payments Vision 2025”. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options. Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment a
ജൂൺ 16, 2022
Reserve Bank of India lifts the business restrictions imposed on Mastercard Asia / Pacific Pte. Ltd
In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated July 14, 2021, imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from on-boarding new domestic c
In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated July 14, 2021, imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from on-boarding new domestic c
ജൂൺ 09, 2022
Payments Infrastructure Development Fund (PIDF) - Status Update
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. The contribution to the PIDF is made by the Reserve Bank, authorised card networks and car
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. The contribution to the PIDF is made by the Reserve Bank, authorised card networks and car
ജൂൺ 06, 2022
Reserve Bank Announces Opening of Fourth Cohort under the Regulatory Sandbox
The Reserve Bank had announced the theme for the Fourth Cohort under the Regulatory Sandbox (RS) as ‘Prevention and Mitigation of Financial Frauds’ vide Press Release dated October 08, 2021. It now announces opening of application window for the Fourth Cohort to eligible entities. 2. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwa
The Reserve Bank had announced the theme for the Fourth Cohort under the Regulatory Sandbox (RS) as ‘Prevention and Mitigation of Financial Frauds’ vide Press Release dated October 08, 2021. It now announces opening of application window for the Fourth Cohort to eligible entities. 2. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwa
ജൂൺ 06, 2022
Regulatory Sandbox (RS) - Third Cohort on MSME Lending - Test Phase
The Reserve Bank had announced opening of the Third Cohort under Regulatory Sandbox vide Press release dated September 13, 2021 for MSME Lending. The Reserve Bank received 22 applications of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products in June 2022. Sl. No. Sandbox Entity Description 1 FinAGG Technologies Private Limited The product ‘Quick Cash Flow’ is a cash flow based digi
The Reserve Bank had announced opening of the Third Cohort under Regulatory Sandbox vide Press release dated September 13, 2021 for MSME Lending. The Reserve Bank received 22 applications of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products in June 2022. Sl. No. Sandbox Entity Description 1 FinAGG Technologies Private Limited The product ‘Quick Cash Flow’ is a cash flow based digi
ജൂൺ 02, 2022
RBI announces results of its First Global Hackathon - HARBINGER 2021
The Reserve Bank had launched its first global hackathon - “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated vide Press Release dated November 09, 2021. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of propo
The Reserve Bank had launched its first global hackathon - “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated vide Press Release dated November 09, 2021. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of propo
മേയ് 17, 2022
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation Edenred (India) Private Limited (Earlier Accor Services Private Limited) Kalpataru Prime, Unit 3 & 4, Level 4
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation Edenred (India) Private Limited (Earlier Accor Services Private Limited) Kalpataru Prime, Unit 3 & 4, Level 4
മാർ 25, 2022
Framework for Geo-Tagging of Payment System Touch Points
As announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement 2021-22 on October 08, 2021, the Reserve Bank of India (RBI) has today released the Framework for geo-tagging of payment system touch points. RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure is
As announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement 2021-22 on October 08, 2021, the Reserve Bank of India (RBI) has today released the Framework for geo-tagging of payment system touch points. RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure is
മാർ 24, 2022
Inauguration of the Reserve Bank Innovation Hub
The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) today (March 24, 2022) in Bengaluru. The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013, with an initial capital contribution of ₹100 crore to encourage and nurture financial innovation in a sustainable manner through an institutional set-up. The Hub has an independent Board with Shri Senapathy (Kris) Gopalakrishnan as the Chairm
The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) today (March 24, 2022) in Bengaluru. The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013, with an initial capital contribution of ₹100 crore to encourage and nurture financial innovation in a sustainable manner through an institutional set-up. The Hub has an independent Board with Shri Senapathy (Kris) Gopalakrishnan as the Chairm
മാർ 17, 2022
Payment and Settlement Systems Regulations, 2008 - Amendment
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007 (51 of 2007), the Reserve Bank of India has carried out amendments to regulation 5, regulation 6 (2) and the ‘schedule’ to regulation 5 of the Payment and Settlement Systems Regulations, 2008 (PSS Regulations). The amendments are carried out with the objective of reducing the compliance burden on
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007 (51 of 2007), the Reserve Bank of India has carried out amendments to regulation 5, regulation 6 (2) and the ‘schedule’ to regulation 5 of the Payment and Settlement Systems Regulations, 2008 (PSS Regulations). The amendments are carried out with the objective of reducing the compliance burden on
മാർ 11, 2022
Action against Paytm Payments Bank Ltd under section 35 A of the Banking Regulation Act, 1949
Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing re
Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing re
മാർ 08, 2022
Reserve Bank of India launches (a) UPI for Feature Phones (UPI123pay) and (b) 24x7 Helpline for Digital Payments (DigiSaathi)
The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi - a 24x7 Helpline to address the queries of digital payment users across products. While launching the two initiatives, RBI Governor Shri Shaktikanta Das highlighted the importance of these initiatives in enhancing the diversity, utility and transformational power of digital innovations in the co
The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi - a 24x7 Helpline to address the queries of digital payment users across products. While launching the two initiatives, RBI Governor Shri Shaktikanta Das highlighted the importance of these initiatives in enhancing the diversity, utility and transformational power of digital innovations in the co
മാർ 07, 2022
Reserve Bank of India Imposes Monetary Penalty on LivQuik Technology (India) Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹14,83,000/- (Rupees fourteen lakh eighty three thousand only) on LivQuik Technology (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Set
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹14,83,000/- (Rupees fourteen lakh eighty three thousand only) on LivQuik Technology (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Set
ഫെബ്രു 22, 2022
RBI cautions public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities
It has come to the notice of Reserve Bank of India (RBI) that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. As such, any person dealing with
It has come to the notice of Reserve Bank of India (RBI) that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. As such, any person dealing with
ജനു 19, 2022
Reserve Bank of India announces Digital Payments Index for September 2021
The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The index series since inception is as under: Period R
The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The index series since inception is as under: Period R
ജനു 04, 2022
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation 1. Muthoot Vehicle & Asset Finance Limited 1st Floor, Cochin Dental Clinic Building, Market Road, T
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation 1. Muthoot Vehicle & Asset Finance Limited 1st Floor, Cochin Dental Clinic Building, Market Road, T
ജനു 03, 2022
RBI releases Framework for Facilitating Small Value Digital Payments in Offline Mode
The Reserve Bank has today placed on its website the ‘Framework for facilitating small value digital payments in offline mode’. The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period from September 2020 to June 2021. An offline digital payment means a transaction which does not require internet or telecom connectivity. Under this new framework, such payments can
The Reserve Bank has today placed on its website the ‘Framework for facilitating small value digital payments in offline mode’. The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period from September 2020 to June 2021. An offline digital payment means a transaction which does not require internet or telecom connectivity. Under this new framework, such payments can
ഡിസം 23, 2021
Reserve Bank of India imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 One Mobikwik Systems Private Limited December 07, 2021 100.00 2 Spice Money Limited December 07, 2021 100.00 The penalties have been imposed in exercise of p
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 One Mobikwik Systems Private Limited December 07, 2021 100.00 2 Spice Money Limited December 07, 2021 100.00 The penalties have been imposed in exercise of p
നവം 16, 2021
Payments Infrastructure Development Fund (PIDF) - Status Update
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. Acquiring institutions (banks and non-banks), registered under the PIDF Scheme, commit reg
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. Acquiring institutions (banks and non-banks), registered under the PIDF Scheme, commit reg
നവം 16, 2021
Regulations Review Authority (RRA 2.0) - Interim Recommendations
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage
നവം 09, 2021
RBI launches its First Global Hackathon - HARBINGER 2021
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection. HARBINGER 2021 invites innovative id
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection. HARBINGER 2021 invites innovative id
നവം 09, 2021
RBI lifts the business restrictions imposed on Diners Club International Ltd
In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic custome
In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic custome
നവം 01, 2021
Unity Small Finance Bank Limited commences operations
Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Centrum Financial Services Limited, the promoter of the Unity Small Finance Bank Limited was granted an ‘in-principle’ approval to set up a small finance bank, as announced in the press relea
Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Centrum Financial Services Limited, the promoter of the Unity Small Finance Bank Limited was granted an ‘in-principle’ approval to set up a small finance bank, as announced in the press relea
നവം 01, 2021
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): 1. Issuance of Prepaid Payment Instruments Sr. No. Company's Name Registered Office Address CoA No. & Date Date of Cancellation Reason for Cancellation 1. DigitSecure India Private Limited Plot No: 1303 and 1304, 4th Floor, Khanamet, Hite
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): 1. Issuance of Prepaid Payment Instruments Sr. No. Company's Name Registered Office Address CoA No. & Date Date of Cancellation Reason for Cancellation 1. DigitSecure India Private Limited Plot No: 1303 and 1304, 4th Floor, Khanamet, Hite
ഒക്ടോ 20, 2021
RBI imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) had, by an order dated October 01, 2021, imposed a monetary penalty of ₹1 crore (Rupees one crore only) on Paytm Payments Bank Limited (PPBL), for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act). A Compounding Order dated October 07, 2021 was also issued to Western Union Financial Services Inc (WUFSI), a Money Transfer Service - cross-border in-bound service (custome
The Reserve Bank of India (RBI) had, by an order dated October 01, 2021, imposed a monetary penalty of ₹1 crore (Rupees one crore only) on Paytm Payments Bank Limited (PPBL), for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act). A Compounding Order dated October 07, 2021 was also issued to Western Union Financial Services Inc (WUFSI), a Money Transfer Service - cross-border in-bound service (custome
ഒക്ടോ 08, 2021
Regulatory Sandbox - Announcement of Theme for Fourth Cohort and Review of Enabling Framework
The Reserve Bank has undertaken various initiatives to realise India’s vision on payment systems by fostering an ecosystem that enables safe, quick and affordable digital payments. In this context, one of the challenges has been to minimise instances of financial frauds, which not only lead to apprehension among new users in adoption of digital payments but also make it difficult for the banks to retain customers who experience such frauds. There is also a lag between
The Reserve Bank has undertaken various initiatives to realise India’s vision on payment systems by fostering an ecosystem that enables safe, quick and affordable digital payments. In this context, one of the challenges has been to minimise instances of financial frauds, which not only lead to apprehension among new users in adoption of digital payments but also make it difficult for the banks to retain customers who experience such frauds. There is also a lag between
സെപ്റ്റം 14, 2021
India and Singapore to link their Fast Payment Systems - Unified Payments Interface and PayNow
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system. The UPI-Pay
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system. The UPI-Pay
സെപ്റ്റം 13, 2021
Reserve Bank Announces Opening of Third Cohort under the Regulatory Sandbox
The Reserve Bank had announced the theme for the Third Cohort under the Regulatory Sandbox (RS) as ‘MSME Lending’ vide Press Release dated December 16, 2020. It now announces opening of application window for the Third Cohort to eligible entities. 2. The application for the Third Cohort may be submitted from October 01, 2021 to November 14, 2021. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through email. (Yogesh D
The Reserve Bank had announced the theme for the Third Cohort under the Regulatory Sandbox (RS) as ‘MSME Lending’ vide Press Release dated December 16, 2020. It now announces opening of application window for the Third Cohort to eligible entities. 2. The application for the Third Cohort may be submitted from October 01, 2021 to November 14, 2021. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through email. (Yogesh D
സെപ്റ്റം 13, 2021
Regulatory Sandbox (RS): First Cohort on ‘Retail Payments’ - Exit
In the First Cohort under the Regulatory Sandbox with ‘Retail Payments’ as its theme, six entities commenced testing of their products which was communicated vide Press Release dated November 17 and December 24, 2020. 2. The following six entities have completed the ‘Test Phase’. Sl. No. Name of the Sandbox Entity Description of the product (i) Nucleus Software Exports Ltd. (PaySe) PaySe is an offline digital cash product which proposes to help in digitisation of paym
In the First Cohort under the Regulatory Sandbox with ‘Retail Payments’ as its theme, six entities commenced testing of their products which was communicated vide Press Release dated November 17 and December 24, 2020. 2. The following six entities have completed the ‘Test Phase’. Sl. No. Name of the Sandbox Entity Description of the product (i) Nucleus Software Exports Ltd. (PaySe) PaySe is an offline digital cash product which proposes to help in digitisation of paym
സെപ്റ്റം 13, 2021
Regulatory Sandbox (RS): Second Cohort on Cross Border Payments - Test Phase
The Reserve Bank had announced opening of the Second Cohort under Regulatory Sandbox vide Press release dated December 16, 2020 for Cross Border Payments. The Reserve Bank received 27 applications from 26 entities of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from the third week of September 2021. Sr. No. Sandbox Entity Description 1 Book My Forex Private Limited The produc
The Reserve Bank had announced opening of the Second Cohort under Regulatory Sandbox vide Press release dated December 16, 2020 for Cross Border Payments. The Reserve Bank received 27 applications from 26 entities of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from the third week of September 2021. Sr. No. Sandbox Entity Description 1 Book My Forex Private Limited The produc
സെപ്റ്റം 07, 2021
Tokenisation of Card Transactions - Enhancements
The Reserve Bank of India (RBI) has today announced the following enhancements to the extant framework on card tokenisation services: the device-based tokenisation framework advised vide circulars of January 2019 and August 2021 has been extended to Card-on-File Tokenisation (CoFT) services as well, and card issuers have been permitted to offer card tokenisation services as Token Service Providers (TSPs). The tokenisation of card data shall be done with explicit custo
The Reserve Bank of India (RBI) has today announced the following enhancements to the extant framework on card tokenisation services: the device-based tokenisation framework advised vide circulars of January 2019 and August 2021 has been extended to Card-on-File Tokenisation (CoFT) services as well, and card issuers have been permitted to offer card tokenisation services as Token Service Providers (TSPs). The tokenisation of card data shall be done with explicit custo
ഓഗ 27, 2021
Reserve Bank of India imposes Monetary Penalty on five Payment System Operators
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹3 crore (Rupees three crore only) on Transaction Analysts (India) Pvt. Ltd. for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Direction on Issuance and Operation of PPIs in India dated October 11, 2017 (updated as on November 17, 2020) and Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (updated as on
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹3 crore (Rupees three crore only) on Transaction Analysts (India) Pvt. Ltd. for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Direction on Issuance and Operation of PPIs in India dated October 11, 2017 (updated as on November 17, 2020) and Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (updated as on
ഓഗ 26, 2021
Payments Infrastructure Development Fund - Inclusion of PM SVANidhi Scheme beneficiaries
The Payments Infrastructure Development Fund (PIDF) Scheme was announced by the Reserve Bank on January 5, 2021. The objective of the scheme was to encourage deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states. The Reserve Bank has now decided to include street vendors identified as part of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as b
The Payments Infrastructure Development Fund (PIDF) Scheme was announced by the Reserve Bank on January 5, 2021. The objective of the scheme was to encourage deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states. The Reserve Bank has now decided to include street vendors identified as part of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as b
ജൂലൈ 28, 2021
Reserve Bank of India announces Digital Payments Index (RBI-DPI) for March 2021
The Reserve Bank had earlier announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2021 stands at 270.59 as against 207.84 for March 2020, announced while launching the index on January 1, 2021. The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digita
The Reserve Bank had earlier announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2021 stands at 270.59 as against 207.84 for March 2020, announced while launching the index on January 1, 2021. The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digita
ജൂലൈ 14, 2021
Reserve Bank of India takes supervisory action on Mastercard Asia / Pacific Pte. Ltd.
The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers of Mastercard. Mas
The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers of Mastercard. Mas
മേയ് 17, 2021
NEFT System Upgrade - Downtime from 00.01 Hrs to 14.00 Hrs. on Sunday, May 23, 2021
A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period. Similar technical upgrade for RTGS was completed on April 18, 2021. Member banks may inform their customers to plan their payment operations accordingly. N
A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period. Similar technical upgrade for RTGS was completed on April 18, 2021. Member banks may inform their customers to plan their payment operations accordingly. N
ഏപ്രി 23, 2021
RBI takes supervisory action on Card Networks - American Express Banking Corp. and Diners Club International Ltd
The Reserve Bank of India (RBI) has, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from on-boarding new domestic customers onto their card networks from May 1, 2021. These entities have been found non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers. American Express Banking Corp. and Diners Club International Ltd. are Payment System
The Reserve Bank of India (RBI) has, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from on-boarding new domestic customers onto their card networks from May 1, 2021. These entities have been found non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers. American Express Banking Corp. and Diners Club International Ltd. are Payment System
ഏപ്രി 12, 2021
RTGS System Upgrade - Non-Availability of Service - 00.00 Hrs to 14.00 Hrs. on Sunday, April 18, 2021
A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. The NEFT system will continue to be operational as usual during this period. Member banks may inform their customers to plan their payment operations accordingly. RTGS Members
A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. The NEFT system will continue to be operational as usual during this period. Member banks may inform their customers to plan their payment operations accordingly. RTGS Members
മാർ 31, 2021
Reserve Bank of India extends timeline for processing of recurring online transactions
In August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover Unified Payments Interface (UPI) transactions as well. The requirement of Additional Factor of Authentication (AFA) has made digital payments in India safe and secure. In the interest of customer convenience and safety in use of recurring onli
In August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover Unified Payments Interface (UPI) transactions as well. The requirement of Additional Factor of Authentication (AFA) has made digital payments in India safe and secure. In the interest of customer convenience and safety in use of recurring onli
മാർ 10, 2021
Revocation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation 1. RiddiSiddhi Bullions Limited Bullion House, 115, TambaKatta, Opp. Dagina Bazar, Pydhonie, Mum
The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation 1. RiddiSiddhi Bullions Limited Bullion House, 115, TambaKatta, Opp. Dagina Bazar, Pydhonie, Mum
ഫെബ്രു 26, 2021
Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments
Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021. 2. Requests have been received from various stakeholders including Indian Banks’ Association for extending the timeline, keeping in view the CO
Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021. 2. Requests have been received from various stakeholders including Indian Banks’ Association for extending the timeline, keeping in view the CO
ജനു 25, 2021
RBI releases Booklet on Payment Systems in India
The Reserve Bank today released the Booklet on Payment Systems covering the journey of Payment and Settlement Systems in India during the second decade of the millennium, viz., from the beginning of 2010 till the end of 2020. This Booklet captures the transformation of India in the sphere of payment and settlement systems and describes, inter-alia, the legal and regulatory environment underpinning the digital payments systems, various enablers, payment options availab
The Reserve Bank today released the Booklet on Payment Systems covering the journey of Payment and Settlement Systems in India during the second decade of the millennium, viz., from the beginning of 2010 till the end of 2020. This Booklet captures the transformation of India in the sphere of payment and settlement systems and describes, inter-alia, the legal and regulatory environment underpinning the digital payments systems, various enablers, payment options availab
ജനു 13, 2021
Reserve Bank constitutes a Working Group on digital lending including lending through online platforms and mobile apps
Digital lending has the potential to make access to financial products and services more fair, efficient and inclusive. From a peripheral supporting role a few years ago, FinTech led innovation is now at the core of the design, pricing and delivery of financial products and services. While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach
Digital lending has the potential to make access to financial products and services more fair, efficient and inclusive. From a peripheral supporting role a few years ago, FinTech led innovation is now at the core of the design, pricing and delivery of financial products and services. While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach
ജനു 01, 2021
Reserve Bank of India introduces the RBI-Digital Payments Index
As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country. The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time p
As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country. The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time p
ഡിസം 24, 2020
Regulatory Sandbox (RS) - First Cohort on Retail Payments - Test Phase
Under the first cohort of Regulatory Sandbox (RS), two entities commenced testing of their products from November 16, 2020, which was communicated vide Press Release dated November 17, 2020. Remaining four entities selected for the ‘Test Phase’, have started testing of their products as per details below: Sr. No. Sandbox Entity Description 1 Tap Smart Data Information Services Private Ltd. (CityCash) Mumbai The product is a set of Near-Field Communication (NFC) based
Under the first cohort of Regulatory Sandbox (RS), two entities commenced testing of their products from November 16, 2020, which was communicated vide Press Release dated November 17, 2020. Remaining four entities selected for the ‘Test Phase’, have started testing of their products as per details below: Sr. No. Sandbox Entity Description 1 Tap Smart Data Information Services Private Ltd. (CityCash) Mumbai The product is a set of Near-Field Communication (NFC) based
ഡിസം 16, 2020
Reserve Bank announces opening of Second Cohort under the Regulatory Sandbox
Post announcement of commencement of Test Phase under the First Cohort on Retail Payments vide Press Release dated November 17, 2020, the Reserve Bank now announces opening of Second Cohort under the Regulatory Sandbox (RS) with ‘Cross Border Payments,’ as its theme. 2. India is the largest recipient of inbound remittances across the globe accounting for 15% of global share; in the year 2019, India received $83 bn and in the first half year of 2020, has received $27.4
Post announcement of commencement of Test Phase under the First Cohort on Retail Payments vide Press Release dated November 17, 2020, the Reserve Bank now announces opening of Second Cohort under the Regulatory Sandbox (RS) with ‘Cross Border Payments,’ as its theme. 2. India is the largest recipient of inbound remittances across the globe accounting for 15% of global share; in the year 2019, India received $83 bn and in the first half year of 2020, has received $27.4
ഡിസം 09, 2020
RBI announces date for launching of RTGS 24x7
Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020. India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. This comes within a year of operational
Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020. India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. This comes within a year of operational
നവം 20, 2020
Reserve Bank of India imposes monetary penalty on (1) Sodexo SVC India Private Limited, (2) Muthoot Vehicle & Asset Finance Limited, (3) QwikCilver Solutions Private Limited, (4) Phonepe Private Limited, (5) Delhi Metro Rail Corporation Limited and (6) Punjab National Bank
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines. Sr. No. Name of the Entity Speaking Order dated Amount of Penalty (₹ lakh) Non-bank Prepaid Payment Instrument Issuers 1. Sodexo SVC India Private Limited 03-08-2020 200.00 2. Muthoot Vehicle & Asset Finance Ltd. 12-08-2020 34.55 3. QwikCilver Sol
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines. Sr. No. Name of the Entity Speaking Order dated Amount of Penalty (₹ lakh) Non-bank Prepaid Payment Instrument Issuers 1. Sodexo SVC India Private Limited 03-08-2020 200.00 2. Muthoot Vehicle & Asset Finance Ltd. 12-08-2020 34.55 3. QwikCilver Sol
നവം 17, 2020
Reserve Bank Innovation Hub
The Reserve Bank in its Monetary Policy Statement on Development and Regulatory Policies dated August 06, 2020, had announced that the Bank will set up Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation. RBIH would be guided and managed by a Governing Council (GC) led by a Chairperson. The Reserve Bank has appointed Shri Senapathy (Kri
The Reserve Bank in its Monetary Policy Statement on Development and Regulatory Policies dated August 06, 2020, had announced that the Bank will set up Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation. RBIH would be guided and managed by a Governing Council (GC) led by a Chairperson. The Reserve Bank has appointed Shri Senapathy (Kri
നവം 17, 2020
Regulatory Sandbox (RS) - First cohort on Retail Payments - Test Phase
The Reserve Bank had announced opening of the first cohort under Regulatory Sandbox vide Press release dated November 04, 2019. The Reserve Bank received applications from 32 entities of which six have been selected for the ‘Test Phase’. The commencement of testing was delayed on account of the present COVID-19 situation. Two entities, as per details below, have started testing of their products from November 16, 2020. The remaining four are expected to start the test
The Reserve Bank had announced opening of the first cohort under Regulatory Sandbox vide Press release dated November 04, 2019. The Reserve Bank received applications from 32 entities of which six have been selected for the ‘Test Phase’. The commencement of testing was delayed on account of the present COVID-19 situation. Two entities, as per details below, have started testing of their products from November 16, 2020. The remaining four are expected to start the test
നവം 13, 2020
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation 1. Pyro Networks Private Limited Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation 1. Pyro Networks Private Limited Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92
ഓഗ 18, 2020
Reserve Bank invites comments on the draft framework for recognition of a Self-Regulatory Organisation (SRO) for Payment System Operators
As announced in the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated February 6, 2020, the Reserve Bank hereby places a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). The SRO shall cover operators in all segments of payment systems and will be expected to observe best practices on security, customer protection and compet
As announced in the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated February 6, 2020, the Reserve Bank hereby places a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). The SRO shall cover operators in all segments of payment systems and will be expected to observe best practices on security, customer protection and compet
ഓഗ 18, 2020
RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments
Reserve Bank has today placed on its website, the ‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ which was placed on Reserve Bank’s website on February 10, 2020 inviting public comments. The Reserve Bank invites applications for the umbrella
Reserve Bank has today placed on its website, the ‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ which was placed on Reserve Bank’s website on February 10, 2020 inviting public comments. The Reserve Bank invites applications for the umbrella
ജൂൺ 22, 2020
Reserve Bank sensitises members of public on safe use of digital transactions
Safety and security of digital transactions are of paramount importance to their users. The Reserve Bank has put in place many mechanisms to ensure the same by continuously and actively undertaking digital awareness campaigns in the print and Audio-Visual media, including through the Bank’s flagship programme “RBI Kehta Hai”. In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of K
Safety and security of digital transactions are of paramount importance to their users. The Reserve Bank has put in place many mechanisms to ensure the same by continuously and actively undertaking digital awareness campaigns in the print and Audio-Visual media, including through the Bank’s flagship programme “RBI Kehta Hai”. In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of K
ജൂൺ 13, 2020
Reserve Bank of India publishes the Oversight Framework for Financial Market Infrastructures and Retail Payment Systems
The Reserve Bank has today placed on its website the Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). The Committee on Payments and Market Infrastructures (CPMI) (earlier known as the Committee on Payment and Settlement Systems (CPSS)) and the International Organisation of Securities Commissions (IOSCO) have established, over the years, international risk-management standards for Systemically Important Payment Systems
The Reserve Bank has today placed on its website the Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). The Committee on Payments and Market Infrastructures (CPMI) (earlier known as the Committee on Payment and Settlement Systems (CPSS)) and the International Organisation of Securities Commissions (IOSCO) have established, over the years, international risk-management standards for Systemically Important Payment Systems
ജൂൺ 05, 2020
RBI announces creation of Payments Infrastructure Development Fund
The Reserve Bank announces creation of a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states. Over the years, payments ecosystem in the country has evolved with a wide range of options such as bank accounts, mobile phones, cards, etc. To provide further fillip to digitisation of payment systems, it is necessary to give
The Reserve Bank announces creation of a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states. Over the years, payments ecosystem in the country has evolved with a wide range of options such as bank accounts, mobile phones, cards, etc. To provide further fillip to digitisation of payment systems, it is necessary to give
ജൂൺ 04, 2020
RBI publishes daily data of select payment systems
Today, the Reserve Bank published settlement data of select payment systems. It captures volume and value of transactions undertaken in payments systems operated by the Reserve Bank (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs. The data relating to transactions undertaken during the day will be published on the subsequent working day. Data relating
Today, the Reserve Bank published settlement data of select payment systems. It captures volume and value of transactions undertaken in payments systems operated by the Reserve Bank (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs. The data relating to transactions undertaken during the day will be published on the subsequent working day. Data relating
മാർ 16, 2020
Availability of Digital Payment Options
In pursuance of its vision to promote digital payments, Reserve Bank of India’s (RBI) endeavour has been to establish state of the art payment systems that are efficient, convenient, safe, secure and affordable. RBI wishes to bring to the notice of the general public that non-cash digital payment options (like NEFT, IMPS, UPI and BBPS) are available round the clock to facilitate fund transfers, purchase of goods / services, payment of bills, etc. In the context of the
In pursuance of its vision to promote digital payments, Reserve Bank of India’s (RBI) endeavour has been to establish state of the art payment systems that are efficient, convenient, safe, secure and affordable. RBI wishes to bring to the notice of the general public that non-cash digital payment options (like NEFT, IMPS, UPI and BBPS) are available round the clock to facilitate fund transfers, purchase of goods / services, payment of bills, etc. In the context of the
ഫെബ്രു 10, 2020
Draft Framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems
The Reserve Bank has today placed on its website a ‘draft framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems’ for public comments. The Reserve Bank invites comments on the draft framework from all stakeholders by February 25, 2020. The comments may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-40
The Reserve Bank has today placed on its website a ‘draft framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems’ for public comments. The Reserve Bank invites comments on the draft framework from all stakeholders by February 25, 2020. The comments may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-40
ജനു 21, 2020
Cancellation of Certificate of Authorisation - M/s Vodafone m-pesa Limited, Mumbai
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorisation: Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Vodafone m-pesa Limited, Mumbai (earlier Mobile Commerce Solutions Ltd. was performing
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorisation: Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Vodafone m-pesa Limited, Mumbai (earlier Mobile Commerce Solutions Ltd. was performing
നവം 08, 2019
Furthering Digital Payments
In pursuance of its vision to promote digital payments, Reserve Bank’s endeavour has been to establish state of the art payment systems that are efficient, convenient, safe, secure and affordable. The efforts have resulted in a rapid growth in the retail digital payment systems as below: 2. Digital payments constituted a high 96% of total non-cash retail payments during the period October 2018 to September 2019. During the same period, the National Electronic Funds Tr
In pursuance of its vision to promote digital payments, Reserve Bank’s endeavour has been to establish state of the art payment systems that are efficient, convenient, safe, secure and affordable. The efforts have resulted in a rapid growth in the retail digital payment systems as below: 2. Digital payments constituted a high 96% of total non-cash retail payments during the period October 2018 to September 2019. During the same period, the National Electronic Funds Tr
നവം 07, 2019
Reserve Bank of India Imposes Monetary Penalty on Oxigen Services (India) Private Limited
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuer for non-compliance of regulatory guidelines: Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (₹ lakh) 1. Oxigen Services (India) Private Limited 17-09-2019 5 (Yogesh Dayal) Chief General Manager Press Release: 2019-2020/1132
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuer for non-compliance of regulatory guidelines: Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (₹ lakh) 1. Oxigen Services (India) Private Limited 17-09-2019 5 (Yogesh Dayal) Chief General Manager Press Release: 2019-2020/1132
നവം 04, 2019
Reserve Bank announces the opening of first cohort under the Regulatory Sandbox
The Reserve Bank announces the opening of first cohort under the Regulatory Sandbox. The Reserve Bank announces the opening of first cohort under the Regulatory Sandbox (RS) with ‘Retail Payments’, as its theme. The adoption of ‘Retail Payments’ as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and underserved segment of the population. Migration to digital modes of making a payment can obviate
The Reserve Bank announces the opening of first cohort under the Regulatory Sandbox. The Reserve Bank announces the opening of first cohort under the Regulatory Sandbox (RS) with ‘Retail Payments’, as its theme. The adoption of ‘Retail Payments’ as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and underserved segment of the population. Migration to digital modes of making a payment can obviate
നവം 01, 2019
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation My Mobile Payments Limited MOM House, Plot No. 61, Ramchandra Lane, Kanchpada, Malad (West), Mumbai 400064 46/2011 dated 24.10.2011 Issua
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation My Mobile Payments Limited MOM House, Plot No. 61, Ramchandra Lane, Kanchpada, Malad (West), Mumbai 400064 46/2011 dated 24.10.2011 Issua
ഒക്ടോ 15, 2019
On-tap Authorisation of Payment Systems
Reserve Bank of India had on January 21, 2019 released a policy paper on Authorisation of New Retail Payment Systems on its website and invited public comments there on. Comments / Feedback were received from individuals, public and private entities, institutions and industry associations. Based on the feedback received, it was announced in the Statement on Developmental and Regulatory Policies issued with Monetary Policy Statement dated August 07, 2019 that in order
Reserve Bank of India had on January 21, 2019 released a policy paper on Authorisation of New Retail Payment Systems on its website and invited public comments there on. Comments / Feedback were received from individuals, public and private entities, institutions and industry associations. Based on the feedback received, it was announced in the Statement on Developmental and Regulatory Policies issued with Monetary Policy Statement dated August 07, 2019 that in order
ഒക്ടോ 10, 2019
Reserve Bank of India imposes monetary penalty on Balancehero India Private Limited
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuer for non-compliance of regulatory guidelines. Sr.No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (₹ lakh) 1. Balancehero India Private Limited 19-09-2019 12.88 (Yogesh Dayal) Chief General Manager Press Release : 2019-2020/909
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuer for non-compliance of regulatory guidelines. Sr.No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (₹ lakh) 1. Balancehero India Private Limited 19-09-2019 12.88 (Yogesh Dayal) Chief General Manager Press Release : 2019-2020/909
ഒക്ടോ 09, 2019
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Y-Cash Software Solutions Private Limited VGR Essor, 3rd Floor, No 1140, 17th Cross, 7th Sector, H.S.R. Layout, Bengaluru 560 102 Karnata
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Y-Cash Software Solutions Private Limited VGR Essor, 3rd Floor, No 1140, 17th Cross, 7th Sector, H.S.R. Layout, Bengaluru 560 102 Karnata
സെപ്റ്റം 30, 2019
RBI announces “Payment and Settlement Systems Innovation Contest and Payment and Settlement Systems Innovative Ideas Competition”
With a view to providing a platform to encourage, recognise and promote innovations and ideas in the payment and settlement systems arena, the Reserve Bank of India will organise the following contests: (i) ‘Payment and Settlement Systems Innovation Contest’ for individuals, groups, entrepreneurs, companies, start-ups and similar entities; (ii) ‘Payment and Settlement Systems Innovative Ideas Competition’ for students of recognised institutions at the undergraduate or
With a view to providing a platform to encourage, recognise and promote innovations and ideas in the payment and settlement systems arena, the Reserve Bank of India will organise the following contests: (i) ‘Payment and Settlement Systems Innovation Contest’ for individuals, groups, entrepreneurs, companies, start-ups and similar entities; (ii) ‘Payment and Settlement Systems Innovative Ideas Competition’ for students of recognised institutions at the undergraduate or
സെപ്റ്റം 17, 2019
Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators
The Reserve Bank has today placed on its website a discussion paper on ‘Guidelines for Payment Gateways and Payment Aggregators’ for public comments. In the Statement on Developmental and Regulatory Policies released with the Sixth Bi-monthly Monetary Policy Statement for 2018-19, the Reserve Bank had announced that a discussion paper will be placed in the public domain for consultation with the stakeholders on comprehensive guidelines covering payments related activi
The Reserve Bank has today placed on its website a discussion paper on ‘Guidelines for Payment Gateways and Payment Aggregators’ for public comments. In the Statement on Developmental and Regulatory Policies released with the Sixth Bi-monthly Monetary Policy Statement for 2018-19, the Reserve Bank had announced that a discussion paper will be placed in the public domain for consultation with the stakeholders on comprehensive guidelines covering payments related activi
ഓഗ 14, 2019
Cancellation of Certificate of Authorisation
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation 1. Flytech Aviation Limited, Secunderabad H.No. 1-8-303 / 33, 3rd Floor, Nagam Towers, Opp. NTR Circle, Police Lines, Minister
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation 1. Flytech Aviation Limited, Secunderabad H.No. 1-8-303 / 33, 3rd Floor, Nagam Towers, Opp. NTR Circle, Police Lines, Minister
ജൂലൈ 29, 2019
Reserve Bank of India imposes monetary penalty on One Mobikwik Systems Private Limited and Hip Bar Private Limited
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines. Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (₹ lakh) 1. One Mobikwik Systems Private Limited 17-05-2019 15.00 2. Hip Bar Private Limited 24-05-2019 10.85 Yogesh Dayal Chief General Manager Pres
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines. Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (₹ lakh) 1. One Mobikwik Systems Private Limited 17-05-2019 15.00 2. Hip Bar Private Limited 24-05-2019 10.85 Yogesh Dayal Chief General Manager Pres
ജൂൺ 11, 2019
Reserve Bank of India imposes monetary penalty on ZipCash Card Services Pvt. Ltd. and Yes Bank Limited
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines. Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (in ₹ lakh) 1. ZipCash Card Services Pvt. Ltd. 22-04-2019 11.25 2. Yes Bank Limited 22-04-2019 11.25 Yogesh Dayal Chief General Manager Press Release
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines. Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (in ₹ lakh) 1. ZipCash Card Services Pvt. Ltd. 22-04-2019 11.25 2. Yes Bank Limited 22-04-2019 11.25 Yogesh Dayal Chief General Manager Press Release
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