The Reserve Bank of India had constituted a High-Level Committee on Deepening of Digital Payments under the Chairmanship of Shri Nandan Nilekani, former Chairman, UIDAI, in January 2019. The Committee held its deliberations including consultations with various stakeholders and has today submitted its report to the Governor, Reserve Bank of India. The Reserve Bank of India will examine the recommendations of the Committee and will dovetail the action points, wherever n

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 (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.

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

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

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

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 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 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

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

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 Atom Technologies Limited, Mumbai FT Tower, CTS No. 256 & 257, Suren Road, Ch

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

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 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 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 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 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 (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 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,