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

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

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

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

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 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

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 (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

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

The Reserve Bank of India today released a report on “Benchmarking India’s Payment Systems” which provides a comparative position of the payment system ecosystem in India relative to comparable payment systems and usage trends in other major countries. It may be recalled that in the First Bi-monthly Monetary Policy Statement, 2019-20 announced on April 4, 2019 [Para 12(viii)], it was stated that “Benchmarking India’s Payments Systems is necessary to gauge India’s prog