Press Releases - Payment and Settlement Systems - আৰবিআই - Reserve Bank of India
প্ৰেছ ৰিলিজ
জুন 09, 2022
Payments Infrastructure Development Fund (PIDF) - Status Update
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. The contribution to the PIDF is made by the Reserve Bank, authorised card networks and car
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. The contribution to the PIDF is made by the Reserve Bank, authorised card networks and car
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জুন 06, 2022
Reserve Bank Announces Opening of Fourth Cohort under the Regulatory Sandbox
The Reserve Bank had announced the theme for the Fourth Cohort under the Regulatory Sandbox (RS) as ‘Prevention and Mitigation of Financial Frauds’ vide Press Release dated October 08, 2021. It now announces opening of application window for the Fourth Cohort to eligible entities. 2. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwa
The Reserve Bank had announced the theme for the Fourth Cohort under the Regulatory Sandbox (RS) as ‘Prevention and Mitigation of Financial Frauds’ vide Press Release dated October 08, 2021. It now announces opening of application window for the Fourth Cohort to eligible entities. 2. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwa
জুন 06, 2022
Regulatory Sandbox (RS) - Third Cohort on MSME Lending - Test Phase
The Reserve Bank had announced opening of the Third Cohort under Regulatory Sandbox vide Press release dated September 13, 2021 for MSME Lending. The Reserve Bank received 22 applications of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products in June 2022. Sl. No. Sandbox Entity Description 1 FinAGG Technologies Private Limited The product ‘Quick Cash Flow’ is a cash flow based digi
The Reserve Bank had announced opening of the Third Cohort under Regulatory Sandbox vide Press release dated September 13, 2021 for MSME Lending. The Reserve Bank received 22 applications of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products in June 2022. Sl. No. Sandbox Entity Description 1 FinAGG Technologies Private Limited The product ‘Quick Cash Flow’ is a cash flow based digi
জুন 02, 2022
RBI announces results of its First Global Hackathon - HARBINGER 2021
The Reserve Bank had launched its first global hackathon - “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated vide Press Release dated November 09, 2021. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of propo
The Reserve Bank had launched its first global hackathon - “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated vide Press Release dated November 09, 2021. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of propo
মে’ 17, 2022
Cancellation of Certificate of Authorisation
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 Reason for Cancellation Edenred (India) Private Limited (Earlier Accor Services Private Limited) Kalpataru Prime, Unit 3 & 4, Level 4
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 Reason for Cancellation Edenred (India) Private Limited (Earlier Accor Services Private Limited) Kalpataru Prime, Unit 3 & 4, Level 4
মাৰ্চ 25, 2022
Framework for Geo-Tagging of Payment System Touch Points
As announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement 2021-22 on October 08, 2021, the Reserve Bank of India (RBI) has today released the Framework for geo-tagging of payment system touch points. RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure is
As announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement 2021-22 on October 08, 2021, the Reserve Bank of India (RBI) has today released the Framework for geo-tagging of payment system touch points. RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure is
মাৰ্চ 24, 2022
Inauguration of the Reserve Bank Innovation Hub
The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) today (March 24, 2022) in Bengaluru. The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013, with an initial capital contribution of ₹100 crore to encourage and nurture financial innovation in a sustainable manner through an institutional set-up. The Hub has an independent Board with Shri Senapathy (Kris) Gopalakrishnan as the Chairm
The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) today (March 24, 2022) in Bengaluru. The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013, with an initial capital contribution of ₹100 crore to encourage and nurture financial innovation in a sustainable manner through an institutional set-up. The Hub has an independent Board with Shri Senapathy (Kris) Gopalakrishnan as the Chairm
মাৰ্চ 17, 2022
Payment and Settlement Systems Regulations, 2008 - Amendment
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007 (51 of 2007), the Reserve Bank of India has carried out amendments to regulation 5, regulation 6 (2) and the ‘schedule’ to regulation 5 of the Payment and Settlement Systems Regulations, 2008 (PSS Regulations). The amendments are carried out with the objective of reducing the compliance burden on
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007 (51 of 2007), the Reserve Bank of India has carried out amendments to regulation 5, regulation 6 (2) and the ‘schedule’ to regulation 5 of the Payment and Settlement Systems Regulations, 2008 (PSS Regulations). The amendments are carried out with the objective of reducing the compliance burden on
মাৰ্চ 08, 2022
Reserve Bank of India launches (a) UPI for Feature Phones (UPI123pay) and (b) 24x7 Helpline for Digital Payments (DigiSaathi)
The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi - a 24x7 Helpline to address the queries of digital payment users across products. While launching the two initiatives, RBI Governor Shri Shaktikanta Das highlighted the importance of these initiatives in enhancing the diversity, utility and transformational power of digital innovations in the co
The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi - a 24x7 Helpline to address the queries of digital payment users across products. While launching the two initiatives, RBI Governor Shri Shaktikanta Das highlighted the importance of these initiatives in enhancing the diversity, utility and transformational power of digital innovations in the co
মাৰ্চ 07, 2022
Reserve Bank of India Imposes Monetary Penalty on LivQuik Technology (India) Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹14,83,000/- (Rupees fourteen lakh eighty three thousand only) on LivQuik Technology (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Set
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹14,83,000/- (Rupees fourteen lakh eighty three thousand only) on LivQuik Technology (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Set
ফেব্ৰু 22, 2022
RBI cautions public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities
It has come to the notice of Reserve Bank of India (RBI) that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. As such, any person dealing with
It has come to the notice of Reserve Bank of India (RBI) that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. As such, any person dealing with
জানু 19, 2022
Reserve Bank of India announces Digital Payments Index for September 2021
The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The index series since inception is as under: Period R
The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The index series since inception is as under: Period R
জানু 12, 2022
RBI releases Annual Report of Ombudsman Schemes, 2020-21
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the year 2020-21 today, which has been prepared for the nine-month period, i.e., July 1, 2020 to March 31, 2021, in alignment with the change in the Financial Year of RBI from ‘July – June’ to ‘April – March' with effect from July 1, 2020. The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the year 2020-21 today, which has been prepared for the nine-month period, i.e., July 1, 2020 to March 31, 2021, in alignment with the change in the Financial Year of RBI from ‘July – June’ to ‘April – March' with effect from July 1, 2020. The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies
জানু 04, 2022
Cancellation of Certificate of Authorisation
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 Reason for Cancellation 1. Muthoot Vehicle & Asset Finance Limited 1st Floor, Cochin Dental Clinic Building, Market Road, T
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 Reason for Cancellation 1. Muthoot Vehicle & Asset Finance Limited 1st Floor, Cochin Dental Clinic Building, Market Road, T
জানু 03, 2022
RBI releases Framework for Facilitating Small Value Digital Payments in Offline Mode
The Reserve Bank has today placed on its website the ‘Framework for facilitating small value digital payments in offline mode’. The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period from September 2020 to June 2021. An offline digital payment means a transaction which does not require internet or telecom connectivity. Under this new framework, such payments can
The Reserve Bank has today placed on its website the ‘Framework for facilitating small value digital payments in offline mode’. The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period from September 2020 to June 2021. An offline digital payment means a transaction which does not require internet or telecom connectivity. Under this new framework, such payments can
ডিচে 23, 2021
Reserve Bank of India imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 One Mobikwik Systems Private Limited December 07, 2021 100.00 2 Spice Money Limited December 07, 2021 100.00 The penalties have been imposed in exercise of p
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 One Mobikwik Systems Private Limited December 07, 2021 100.00 2 Spice Money Limited December 07, 2021 100.00 The penalties have been imposed in exercise of p
নৱে 16, 2021
Payments Infrastructure Development Fund (PIDF) - Status Update
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. Acquiring institutions (banks and non-banks), registered under the PIDF Scheme, commit reg
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. Acquiring institutions (banks and non-banks), registered under the PIDF Scheme, commit reg
নৱে 16, 2021
Regulations Review Authority (RRA 2.0) - Interim Recommendations
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage
নৱে 09, 2021
RBI launches its First Global Hackathon - HARBINGER 2021
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection. HARBINGER 2021 invites innovative id
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection. HARBINGER 2021 invites innovative id
নৱে 09, 2021
RBI lifts the business restrictions imposed on Diners Club International Ltd
In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic custome
In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic custome
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