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 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 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 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 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 amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Trade Repository under the ambit of this Act. Accordingly, the Clearing Corporation of India Limited (CCIL) shall be the designated trade repository under Section 34 A (2) of the PSS Act for the OTC interest rate and foreign exchange contracts as mandated by the RBI from time to time. The provisions of the PSS Act shall apply to the designated trade repositor

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 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 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

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