Payment and Settlement Systems

Draft Guidelines for issuance and operation of Prepaid Payment Instruments in India A. Purpose To provide a framework for the regulation and supervision of all the entities involved in issuance of Prepaid Payment Instruments in the country and to ensure orderly development of this segment of the payments and settlement system in a prudent and customer friendly manner. B. Scope These guidelines lay down the eligibility criteria and the basic conditions for issuance of

1. Introduction 1.1 Mobile phones as a delivery channel for extending banking services have off-late been attaining greater significance. The rapid growth in users and wider coverage of mobile phone networks have made this channel an important platform for extending banking services to customers. With the rapid growth in the number of mobile phone subscribers in India (about 261 million as at the end of March 2008 and growing at about 8 million a month), banks have be

1. Introduction 1.1 With the rapid growth in the number of mobile phone subscribers in India (about 261 million as at the end of March 2008 and growing at about 8 million a month), banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of n

Annex 1 To be published in the Official GazetteRESERVE BANK OF INDIANotificationMumbai, the ____, 2008DPSS_____No. -----: -In pursuance of sub-section (1) of section 38 of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Reserve Bank hereby publishes the annexed Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008.(Executive Director)ANNEXBoard for Regulation and Supervision of Payment and Settlement Systems Regulation

Table of Contents Chapter Topic Page No: I Introduction 3 II Preview 6 III Review of FSTV Vision - 2005 10 IV Vision 2008-2010 15 V Conclusions and way forward 18 Chapter 1 Introduction The Mission Statement and the Corporate Objective relating to the Financial Sector Technology Vision continue to be as follows: Mission Statement <<< I T FOR EFFICIENCY AND EXCELLENCE >>> Corporate Objective: 'Enabling financial sector to leverage on I T for better cu