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Press Releases
Jun 11, 2019
Committee to Review the ATM Interchange Fee Structure
It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with a view to give a fillip to the ATM deployment in the unbanked areas. Accordingly, the Reserve Bank of India has constituted a Committee to examine the entire gamut of ATM charges and fees. The composition of the Committee is as under: 1 Shri V. G. Kanna
It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with a view to give a fillip to the ATM deployment in the unbanked areas. Accordingly, the Reserve Bank of India has constituted a Committee to examine the entire gamut of ATM charges and fees. The composition of the Committee is as under: 1 Shri V. G. Kanna
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May 15, 2019
RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 - 2021’
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision 2019 – 2021”. The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable. The Payment Systems Vision 2021 has been formalised based on inputs from various stakeholders and guidance of t
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision 2019 – 2021”. The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable. The Payment Systems Vision 2021 has been formalised based on inputs from various stakeholders and guidance of t
May 03, 2019
Reserve Bank of India imposes monetary penalty on Western Union Financial Services Inc. and MoneyGram Payment Systems Inc.
The Reserve Bank of India (RBI) has, vide orders dated April 20, 2018, imposed monetary penalty of ₹ 29,66,959/- and ₹ 10,11,653/- on Western Union Financial Services Inc., USA and MoneyGram Payment Systems Inc., USA, respectively, for non-compliance of regulatory guidelines. These penalties have been imposed in exercise of the powers vested in RBI under the provisions of Section 31 of the Payment and Settlement Systems Act, 2007 for compounding of the contraventions.
The Reserve Bank of India (RBI) has, vide orders dated April 20, 2018, imposed monetary penalty of ₹ 29,66,959/- and ₹ 10,11,653/- on Western Union Financial Services Inc., USA and MoneyGram Payment Systems Inc., USA, respectively, for non-compliance of regulatory guidelines. These penalties have been imposed in exercise of the powers vested in RBI under the provisions of Section 31 of the Payment and Settlement Systems Act, 2007 for compounding of the contraventions.
May 03, 2019
Reserve Bank of India imposes monetary penalty on five Prepaid Payment Instrument (PPI) Issuers
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 five PPI Issuers for non-compliance of regulatory guidelines. Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (in ₹ lakh) 1. My Mobile Payments Limited 22-10-2018 100 2. Phonepe Private Limited 14-02-2019 100 3. Y-Cash Software Solutions Private Limited 22-02-2019 5 4. Vodafone m-pe
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 five PPI Issuers for non-compliance of regulatory guidelines. Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty (in ₹ lakh) 1. My Mobile Payments Limited 22-10-2018 100 2. Phonepe Private Limited 14-02-2019 100 3. Y-Cash Software Solutions Private Limited 22-02-2019 5 4. Vodafone m-pe
Feb 25, 2019
Reserve Bank of India extends timeline for completion of KYC for PPIs
The Reserve Bank had issued Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) on October 11, 2017 (amended as on December 29, 2017). As per these directions, PPI issuers are required to complete the Know Your Customer (KYC) process by February 28, 2019. Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative
The Reserve Bank had issued Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) on October 11, 2017 (amended as on December 29, 2017). As per these directions, PPI issuers are required to complete the Know Your Customer (KYC) process by February 28, 2019. Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative
Jan 31, 2019
The Reserve Bank introduces Ombudsman Scheme for Digital Transactions
As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) today launched the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against System Participants as defined in the said Scheme. The Scheme, launched under Section 18 of the Payment and Settlement Systems Act, 2007, will provide a cost-free and expeditious complaint redressal mechanism relating to deficie
As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) today launched the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against System Participants as defined in the said Scheme. The Scheme, launched under Section 18 of the Payment and Settlement Systems Act, 2007, will provide a cost-free and expeditious complaint redressal mechanism relating to deficie
Jan 21, 2019
Reserve Bank of India invites comments on Authorisation of New Retail Payment Systems
The Reserve Bank has today placed on its website a policy paper on Authorisation of New Retail Payment Systems for public comments. In the Statement on Developmental and Regulatory Policies released with the Second Bi-monthly Monetary Policy Statement 2018-19, the Reserve Bank had announced that it would encourage more players to participate in and promote pan-India payment platforms and would bring out a policy paper for public consultation by September 30, 2018. The
The Reserve Bank has today placed on its website a policy paper on Authorisation of New Retail Payment Systems for public comments. In the Statement on Developmental and Regulatory Policies released with the Second Bi-monthly Monetary Policy Statement 2018-19, the Reserve Bank had announced that it would encourage more players to participate in and promote pan-India payment platforms and would bring out a policy paper for public consultation by September 30, 2018. The
Jan 08, 2019
RBI releases guidelines on Tokenisation - Card Transactions
The Reserve Bank has today released guidelines on tokenisation for debit / credit / prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which a unique token masks sensitive card details. Thereafter, in lieu of actual card details, this token is used to perform card transactions in contactless mode at Point Of Sale(POS) terminals, Quick Response(QR)
The Reserve Bank has today released guidelines on tokenisation for debit / credit / prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which a unique token masks sensitive card details. Thereafter, in lieu of actual card details, this token is used to perform card transactions in contactless mode at Point Of Sale(POS) terminals, Quick Response(QR)
Nov 15, 2018
Cancellation of Certificate of Authorisation - MMP Mobi Wallet Payment Systems Ltd
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation MMP Mobi Wallet Payment Systems Ltd. A, E & F Blocks, Voltas Premises T.B.Kad
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation MMP Mobi Wallet Payment Systems Ltd. A, E & F Blocks, Voltas Premises T.B.Kad
Oct 19, 2018
Reserve Bank of India releases Dissent Note on Inter-Ministerial Committee for finalization of Amendments to PSS Act
An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs. RBI was represented in the Committee. Draft report of the Committee has been placed in public domain by the Government. RBI representative has submitted a dissent note on certain recommendations of the Committee, a copy of which is reproduced below for public in
An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs. RBI was represented in the Committee. Draft report of the Committee has been placed in public domain by the Government. RBI representative has submitted a dissent note on certain recommendations of the Committee, a copy of which is reproduced below for public in
Aug 28, 2018
Cancellation of Certificate of Authorisation - M/s Tech Mahindra Limited, Noida
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Tech Mahindra Limited, Noida A-20, Sector 60, Noida 201 301. 59/2013 19.09.2013 P
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Tech Mahindra Limited, Noida A-20, Sector 60, Noida 201 301. 59/2013 19.09.2013 P
Jul 05, 2017
Cancellation of Certificate of Authorisation - M/s Atom Technologies Limited
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Atom Technologies Limited, Mumbai FT Tower, CTS No. 256 & 257, Suren Road, Ch
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Atom Technologies Limited, Mumbai FT Tower, CTS No. 256 & 257, Suren Road, Ch
May 23, 2017
Paytm Payments Bank Limited commences operations
Paytm Payments Bank Limited has commenced operations as a payments bank with effect from May 23, 2017. 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 payments bank in India. Shri Vijay Shekhar Sharma was one of the 11 applicants who was issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.Alpana Killawala Principal Advise
Paytm Payments Bank Limited has commenced operations as a payments bank with effect from May 23, 2017. 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 payments bank in India. Shri Vijay Shekhar Sharma was one of the 11 applicants who was issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.Alpana Killawala Principal Advise
May 09, 2017
Bharat Bill Payment System (BBPS) - Extension of timeline
The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent of an authorised BBPOU or exit the business of bill payments. This time-line is applicable to the entities, which did not apply for authorization as a BBPOU, or whose application for BBPOU has been returned by RBI, or which were granted extension of time by RBI but we
The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent of an authorised BBPOU or exit the business of bill payments. This time-line is applicable to the entities, which did not apply for authorization as a BBPOU, or whose application for BBPOU has been returned by RBI, or which were granted extension of time by RBI but we
May 08, 2017
Introduction of additional settlement batches in National Electronic Funds Transfer (NEFT) System
The Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience. The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ……… 5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23. Th
The Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience. The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ……… 5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23. Th
May 04, 2017
Cancellation of Certificate of Authorisation - M/s Beam Money Private Limited
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorized Date of cancellation Beam Money Private Limited, New Delhi (formerly authorised as Suvidha Starnet Pri
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorized Date of cancellation Beam Money Private Limited, New Delhi (formerly authorised as Suvidha Starnet Pri
Mar 30, 2017
RBI seeks comments on draft Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India - Extension of timeline
The Reserve Bank of India has extended the time for receipt of comments/ suggestions/ feedback on draft Master Directions on issuance and operation of pre-paid payment instruments (PPIs) in India till April 15, 2017. The feedback, if any, may be sent by post to the Chief General Manager – in - charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001, or by email. Earlier, the Bank
The Reserve Bank of India has extended the time for receipt of comments/ suggestions/ feedback on draft Master Directions on issuance and operation of pre-paid payment instruments (PPIs) in India till April 15, 2017. The feedback, if any, may be sent by post to the Chief General Manager – in - charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001, or by email. Earlier, the Bank
Mar 30, 2017
RBI advisory on E-wallets
The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. Only permitted banks can issue PPI wallets which in addition to purchase of goods and services from third parties and mon
The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. Only permitted banks can issue PPI wallets which in addition to purchase of goods and services from third parties and mon
Mar 21, 2017
RBI imposes penalty on Eko India Financial Services Private Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 5,00,000/- (Rupees five lakh only) on Eko India Financial Services Private Limited (entity) in exercise of the powers vested under the provisions of section 30 of the PSS Act, 2007 for not adhering to RBI instructions and wrongful reporting. The Reserve Bank of India had earlier issued a show cause notice to the entity based on the scrutiny of returns, in response to which the entity made a written su
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 5,00,000/- (Rupees five lakh only) on Eko India Financial Services Private Limited (entity) in exercise of the powers vested under the provisions of section 30 of the PSS Act, 2007 for not adhering to RBI instructions and wrongful reporting. The Reserve Bank of India had earlier issued a show cause notice to the entity based on the scrutiny of returns, in response to which the entity made a written su
Mar 20, 2017
RBI seeks comments on draft circular on Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India
The Reserve Bank of India has today placed on its website for public comments the Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”. The comments/suggestions/feedback, if any, may be sent by post to the Chief General Manager–In-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email, on or before March 31,
The Reserve Bank of India has today placed on its website for public comments the Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”. The comments/suggestions/feedback, if any, may be sent by post to the Chief General Manager–In-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email, on or before March 31,
Feb 16, 2017
Reserve Bank of India seeks Comments on Draft Circular on Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
The Reserve Bank of India has today placed on its website for public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. The comments/ suggestions/ feedback, if any, may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office Building, 14th Floor, Shahid Bhagat Singh Road, Mumbai - 400 001, or by email on or before February 28, 2017. Recent
The Reserve Bank of India has today placed on its website for public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. The comments/ suggestions/ feedback, if any, may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office Building, 14th Floor, Shahid Bhagat Singh Road, Mumbai - 400 001, or by email on or before February 28, 2017. Recent
Feb 03, 2017
Electronic Payment Systems - Data Dissemination (Updated as on March 06, 2018)
Reserve Bank of India has been releasing the representative data on payment systems on a daily basis since December 2, 2016. Effective February 2017, the daily data would now be released once a week till March 31, 2017. The daily data for the week (Monday to Sunday) would be released every Tuesday. Accordingly, the first release would be on February 7, 2017. There is no change in the content or source of the data. It may be mentioned that the Payment System Indicators
Reserve Bank of India has been releasing the representative data on payment systems on a daily basis since December 2, 2016. Effective February 2017, the daily data would now be released once a week till March 31, 2017. The daily data for the week (Monday to Sunday) would be released every Tuesday. Accordingly, the first release would be on February 7, 2017. There is no change in the content or source of the data. It may be mentioned that the Payment System Indicators
Feb 01, 2017
RBI cautions users of Virtual Currencies
The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual
The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual
Dec 02, 2016
Electronic Payment Systems - Representative Data
The Reserve Bank of India today released provisional data for the month of November 2016 for select payment systems. The data on credit/debit cards usage and pre-paid payment instruments are representative in nature as they are sourced from some of the major participants only. Effective December 2, 2016, the data would be released on a daily basis till December 31, 2016 with a lag of one day. It may be mentioned that the Payment System Indicators are released on a mon
The Reserve Bank of India today released provisional data for the month of November 2016 for select payment systems. The data on credit/debit cards usage and pre-paid payment instruments are representative in nature as they are sourced from some of the major participants only. Effective December 2, 2016, the data would be released on a daily basis till December 31, 2016 with a lag of one day. It may be mentioned that the Payment System Indicators are released on a mon
Nov 22, 2016
Special measures to incentivise Electronic Payments
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
Nov 18, 2016
Withdrawal limits and customer fee/charges for POS relaxed
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
Nov 14, 2016
Usage of ATMs - Waiver of customer charges
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
Nov 10, 2016
Payment Systems to remain open on Saturday, November 12 and Sunday, November 13, 2016
Consequent to the banks being open for public transactions on Saturday, November 12 and Sunday, November 13, 2016, it has been decided that Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016. All participants/member banks are advised to facilitate operations on the above payment systems for their customers on November 12 and 13, 2016 as on regular working days. Banks may g
Consequent to the banks being open for public transactions on Saturday, November 12 and Sunday, November 13, 2016, it has been decided that Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016. All participants/member banks are advised to facilitate operations on the above payment systems for their customers on November 12 and 13, 2016 as on regular working days. Banks may g
Oct 24, 2016
ATM/Debit Card Data Breach
The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been compromised. It had come to the Reserve Bank’s notice on September 8, 2016 that details of certain cards issued by a few banks had been possibly compromised at Automated Teller Machines (ATMs)
The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been compromised. It had come to the Reserve Bank’s notice on September 8, 2016 that details of certain cards issued by a few banks had been possibly compromised at Automated Teller Machines (ATMs)
Oct 20, 2016
Expiry of Certificate of Authorization (CoA)
Under the Payment and Settlement Systems Act, 2007, The Reserve Bank of India had issued Certificate of Authorization (CoA) to M/s Done Card Utility Ltd and M/s OSS Payment Solutions Pvt. Ltd to operate semi-closed pre-paid payment instruments services. The CoA were valid till October 31, 2013 and December 31, 2013 respectively. On expiry of the COA, these entities can no longer transact the business of semi-closed pre-paid payment instruments services in India under
Under the Payment and Settlement Systems Act, 2007, The Reserve Bank of India had issued Certificate of Authorization (CoA) to M/s Done Card Utility Ltd and M/s OSS Payment Solutions Pvt. Ltd to operate semi-closed pre-paid payment instruments services. The CoA were valid till October 31, 2013 and December 31, 2013 respectively. On expiry of the COA, these entities can no longer transact the business of semi-closed pre-paid payment instruments services in India under
Sep 21, 2016
Issuer under the Payment and Settlement Systems Act, 2007
The amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Legal Entity Identifier services under the ambit of this Act. Accordingly, the Legal Entity Identifier India Limited (LEIL) shall be the “Issuer” under Section 34A (1) (b) (ii) of the PSS Act for operating Legal Entity Identifier (LEI) services. The provisions of the PSS Act shall apply to the issuer as they apply to, or in relation to, system provider to the
The amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Legal Entity Identifier services under the ambit of this Act. Accordingly, the Legal Entity Identifier India Limited (LEIL) shall be the “Issuer” under Section 34A (1) (b) (ii) of the PSS Act for operating Legal Entity Identifier (LEI) services. The provisions of the PSS Act shall apply to the issuer as they apply to, or in relation to, system provider to the
Sep 02, 2016
Temporary suspension in grant of Authorisations for Pre-paid Payment Instrument (PPI) issuance
The Reserve Bank of India has been authorising non-banks and banks for issuance and operations of Prepaid Payment Instruments (PPI) as per the guidelines framed under the Payment and Settlement Systems Act, 2007 (PSS Act). So far 47 non-bank entities and 45 banks are operating payment systems for PPI. In last couple of years, there has been significant developments in the payments space with emergence of newer technologies, products and players. These developments as
The Reserve Bank of India has been authorising non-banks and banks for issuance and operations of Prepaid Payment Instruments (PPI) as per the guidelines framed under the Payment and Settlement Systems Act, 2007 (PSS Act). So far 47 non-bank entities and 45 banks are operating payment systems for PPI. In last couple of years, there has been significant developments in the payments space with emergence of newer technologies, products and players. These developments as
Aug 30, 2016
Authorisation to operate as a Bharat Bill Payment Operating Unit (BBPOU)
The Reserve Bank of India advises that the applications received from banks and non-banks for authorisation to operate as a BBPOU have been processed and decisions on approval or grant of extension of time till December 31, 2016 for achievement of net worth or return of the application, as applicable, have been communicated to these entities. Non-bank entities whose applications were returned for want of one year domain experience at the time of applying, can seek ext
The Reserve Bank of India advises that the applications received from banks and non-banks for authorisation to operate as a BBPOU have been processed and decisions on approval or grant of extension of time till December 31, 2016 for achievement of net worth or return of the application, as applicable, have been communicated to these entities. Non-bank entities whose applications were returned for want of one year domain experience at the time of applying, can seek ext
Jun 23, 2016
RBI publishes “Payment and Settlement Systems in India: Vision-2018”
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”. The Vision-2018 aims at building best of class payment and settlement systems for a ‘less-cash’ India. The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective sup
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”. The Vision-2018 aims at building best of class payment and settlement systems for a ‘less-cash’ India. The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective sup
May 13, 2016
Applications for authorising BBPOUs: Status
The Reserve Bank of India had, on October 20, 2015, invited applications from banks and non-banks for authorisation/approval as Bharat Bill Payment Operating Unit (BBPOU). The date of receipt of these applications was extended from November 20, 2015 to December 18, 2015 Press Release dated November 13, 2015. It was also indicated that the applications received till close of business on November 20, 2015 will be processed earlier by the Reserve Bank of India. As at the
The Reserve Bank of India had, on October 20, 2015, invited applications from banks and non-banks for authorisation/approval as Bharat Bill Payment Operating Unit (BBPOU). The date of receipt of these applications was extended from November 20, 2015 to December 18, 2015 Press Release dated November 13, 2015. It was also indicated that the applications received till close of business on November 20, 2015 will be processed earlier by the Reserve Bank of India. As at the
Mar 08, 2016
RBI Seeks Feedback on Concept Paper on Card Acceptance Infrastructure
The Reserve Bank of India has today placed on its website the Concept Paper on Card Acceptance Infrastructure. Comments may be emailed or 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 - 400001 on or before April 15, 2016. Background The Reserve Bank’s over-arching Vision for Payment Systems in recent years has been the encouragement of electro
The Reserve Bank of India has today placed on its website the Concept Paper on Card Acceptance Infrastructure. Comments may be emailed or 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 - 400001 on or before April 15, 2016. Background The Reserve Bank’s over-arching Vision for Payment Systems in recent years has been the encouragement of electro
Feb 25, 2016
RBI approves SWIFT India Domestic Services Private Limited (SIDSPL) for Domestic Financial Messaging Services in India
The Reserve Bank of India has granted approval to SWIFT India Domestic Services Private Limited (SIDSPL) to provide messaging services for domestic financial transactions in India. Background The decision to permit the use of SWIFT for domestic financial transactions was announced in the Monetary Policy Statement 2012-13. Currently, the messaging for inter-bank transactions in India is through Structured Financial Messaging System (SFMS). Messaging operations of SWIFT
The Reserve Bank of India has granted approval to SWIFT India Domestic Services Private Limited (SIDSPL) to provide messaging services for domestic financial transactions in India. Background The decision to permit the use of SWIFT for domestic financial transactions was announced in the Monetary Policy Statement 2012-13. Currently, the messaging for inter-bank transactions in India is through Structured Financial Messaging System (SFMS). Messaging operations of SWIFT
Dec 22, 2015
Payments Banks and Small Finance Banks to apply for Payment Systems Membership after getting Licence
The Reserve Bank of India has clarified that entities that have been granted in-principle approval by it for setting up Payments Banks and Small Finance Banks can apply to the Reserve Bank for membership of any centralised/decentralised payment systems, including Bharat Bill Payment System (BBPS), after receiving the licence for commencement of business under Banking Regulation Act, 1949. The clarification was required as the Reserve Bank had been receiving queries fr
The Reserve Bank of India has clarified that entities that have been granted in-principle approval by it for setting up Payments Banks and Small Finance Banks can apply to the Reserve Bank for membership of any centralised/decentralised payment systems, including Bharat Bill Payment System (BBPS), after receiving the licence for commencement of business under Banking Regulation Act, 1949. The clarification was required as the Reserve Bank had been receiving queries fr
Dec 22, 2015
To encourage innovations, RBI institutes “Payment System Innovation Awards”
In order to encourage innovators in India in the area of Payment and Settlement System, the Reserve Bank of India has announced “Payment System Innovation Awards”. Broad areas of innovation which could be considered for the awards are: Payment security including fraud prevention Customer convenience and cost reduction Mobile payments Acceptance /electronic payment infrastructure Use of emerging technologies for payments The contest would be organised by the Institute
In order to encourage innovators in India in the area of Payment and Settlement System, the Reserve Bank of India has announced “Payment System Innovation Awards”. Broad areas of innovation which could be considered for the awards are: Payment security including fraud prevention Customer convenience and cost reduction Mobile payments Acceptance /electronic payment infrastructure Use of emerging technologies for payments The contest would be organised by the Institute
Nov 24, 2015
RBI grants ‘in-principle’ approval to NPCI to function as the central unit for Bharat Bill Payment Systems (BBPS)
The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS. The Bharat Bill Payment System (BBPS), an integrated bill payment system, will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers. As the centra
The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS. The Bharat Bill Payment System (BBPS), an integrated bill payment system, will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers. As the centra
Nov 24, 2015
RBI grants “in-principle” approval to three applicants for setting up Trade Receivables Discounting System (TReDS)
In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS will allow SMEs to post their receivables on the system and get them financed. This will not only give them greater access to finance but will also put greater discipline on corporates to pay their dues on time. In line with this, the Reserve Bank of India ha
In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS will allow SMEs to post their receivables on the system and get them financed. This will not only give them greater access to finance but will also put greater discipline on corporates to pay their dues on time. In line with this, the Reserve Bank of India ha
Nov 13, 2015
RBI extends last date for receipt of applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)
The Reserve Bank of India has extended the last date for receiving applications for authorising Bharat Bill Payment System Operating Units (BBPOUs), to December 18, 2015 from the earlier November 20, 2015. This has been done keeping in view the difficulties expressed by various entities in meeting the deadline. Applications will now be accepted till the close of business as on December 18, 2015. It may, however, be noted that the applications received till close of bu
The Reserve Bank of India has extended the last date for receiving applications for authorising Bharat Bill Payment System Operating Units (BBPOUs), to December 18, 2015 from the earlier November 20, 2015. This has been done keeping in view the difficulties expressed by various entities in meeting the deadline. Applications will now be accepted till the close of business as on December 18, 2015. It may, however, be noted that the applications received till close of bu
Oct 20, 2015
RBI invites Applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)
The Reserve Bank of India today invited applications for authorisation from entities currently engaged in bill payments and desirous of operating as Bharat Bill Payment System Operating Units (BBPOUs) under the Bharat Bill Payment System (BBPS). The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI). To begin with, under BBPS the BBPOUs will function as entities facilitating collection of repetitive payments for everyday
The Reserve Bank of India today invited applications for authorisation from entities currently engaged in bill payments and desirous of operating as Bharat Bill Payment System Operating Units (BBPOUs) under the Bharat Bill Payment System (BBPS). The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI). To begin with, under BBPS the BBPOUs will function as entities facilitating collection of repetitive payments for everyday
Aug 28, 2015
Bank Holiday on Second & Fourth Saturdays from September 1; RBI to offer its Support Services to Banks on Working Saturdays
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September
Aug 27, 2015
RBI doubles Limits of Cash Withdrawal at POS for Tier III to VI Centres
The Reserve Bank of India has doubled the limit for cash withdrawal at point-of-sale (POS) in Tier III to VI centres from ₹ 1000/- to ₹ 2000/- per day. This facility will be available for debit cards and open system prepaid cards issued only by banks. It is envisaged that the enhanced amount will add to customer convenience and aid re-cycling of cash in Tier III to VI centres even as the push towards a less cash society is pursued. This facility will be reviewed keepi
The Reserve Bank of India has doubled the limit for cash withdrawal at point-of-sale (POS) in Tier III to VI centres from ₹ 1000/- to ₹ 2000/- per day. This facility will be available for debit cards and open system prepaid cards issued only by banks. It is envisaged that the enhanced amount will add to customer convenience and aid re-cycling of cash in Tier III to VI centres even as the push towards a less cash society is pursued. This facility will be reviewed keepi
Aug 19, 2015
RBI grants “in-principle” approval to 11 Applicants for Payments Banks
The Reserve Bank of India has today decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines). Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi S
The Reserve Bank of India has today decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines). Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi S
Jul 09, 2015
RBI releases Final Guidelines on PPI for Mass Transit System (PPI-MTS)
The Reserve Bank of India (RBI) today placed on its website the final guidelines on Prepaid Payment Instruments for Mass Transit System (PPI-MTS) enabling the issuance of a separate category of semi-closed prepaid payment instruments for mass transit systems. The PPI-MTS will enhance commuter convenience and will also facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society. The PPI-MTS can be used within the m
The Reserve Bank of India (RBI) today placed on its website the final guidelines on Prepaid Payment Instruments for Mass Transit System (PPI-MTS) enabling the issuance of a separate category of semi-closed prepaid payment instruments for mass transit systems. The PPI-MTS will enhance commuter convenience and will also facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society. The PPI-MTS can be used within the m
May 28, 2015
RBI proposes to introduce PPI for Mass Transit Systems; seeks Comments on Draft Instructions
The Reserve Bank of India has today placed on its website for comments and feedback the draft guidelines on Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). Comments may be e-mailed or 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-400 001 on or before June 15, 2015. Background The Reserve Bank of India has been receiving re
The Reserve Bank of India has today placed on its website for comments and feedback the draft guidelines on Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). Comments may be e-mailed or 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-400 001 on or before June 15, 2015. Background The Reserve Bank of India has been receiving re
Mar 25, 2015
RBI releases Names of Applicants of Trade Receivables Discounting System (TReDS)
The Reserve Bank of India today released the names of applicants who have applied for setting up Trade Receivables Discounting System (TReDS). These are: Sr.No. Name of the entity 1. NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai 2. Trade Receivables Exchange (Group of Banking Professionals), Mumbai 3. Axis Bank Limited, Mumbai 4. Mynd Solutions Pvt. Ltd., Gurgaon, Haryana 5. DICIC Bank of India, Kolk
The Reserve Bank of India today released the names of applicants who have applied for setting up Trade Receivables Discounting System (TReDS). These are: Sr.No. Name of the entity 1. NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai 2. Trade Receivables Exchange (Group of Banking Professionals), Mumbai 3. Axis Bank Limited, Mumbai 4. Mynd Solutions Pvt. Ltd., Gurgaon, Haryana 5. DICIC Bank of India, Kolk
Mar 13, 2015
RBI Seeks Comments on Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions
The Reserve Bank of India has today placed on its website the Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions, for feedback. Comments may be emailed or 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-400001 on or before April 04, 2015. Background The Reser
The Reserve Bank of India has today placed on its website the Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions, for feedback. Comments may be emailed or 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-400001 on or before April 04, 2015. Background The Reser
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Page Last Updated on: September 22, 2023
