Press Releases - Payment and Settlement Systems - আরবিআই - Reserve Bank of India
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মার্চ 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
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মার্চ 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
মার্চ 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
মার্চ 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
ফেব 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
ডিসেম্বর 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
নভেম্বর 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
নভেম্বর 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
নভেম্বর 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
নভেম্বর 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
নভেম্বর 01, 2021
Unity Small Finance Bank Limited commences operations
Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. 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 small finance bank in India. Centrum Financial Services Limited, the promoter of the Unity Small Finance Bank Limited was granted an ‘in-principle’ approval to set up a small finance bank, as announced in the press relea
Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. 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 small finance bank in India. Centrum Financial Services Limited, the promoter of the Unity Small Finance Bank Limited was granted an ‘in-principle’ approval to set up a small finance bank, as announced in the press relea
নভেম্বর 01, 2021
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): 1. Issuance of Prepaid Payment Instruments Sr. No. Company's Name Registered Office Address CoA No. & Date Date of Cancellation Reason for Cancellation 1. DigitSecure India Private Limited Plot No: 1303 and 1304, 4th Floor, Khanamet, Hite
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): 1. Issuance of Prepaid Payment Instruments Sr. No. Company's Name Registered Office Address CoA No. & Date Date of Cancellation Reason for Cancellation 1. DigitSecure India Private Limited Plot No: 1303 and 1304, 4th Floor, Khanamet, Hite
অক্টোবর 20, 2021
RBI imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) had, by an order dated October 01, 2021, imposed a monetary penalty of ₹1 crore (Rupees one crore only) on Paytm Payments Bank Limited (PPBL), for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act). A Compounding Order dated October 07, 2021 was also issued to Western Union Financial Services Inc (WUFSI), a Money Transfer Service - cross-border in-bound service (custome
The Reserve Bank of India (RBI) had, by an order dated October 01, 2021, imposed a monetary penalty of ₹1 crore (Rupees one crore only) on Paytm Payments Bank Limited (PPBL), for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act). A Compounding Order dated October 07, 2021 was also issued to Western Union Financial Services Inc (WUFSI), a Money Transfer Service - cross-border in-bound service (custome
অক্টোবর 08, 2021
Regulatory Sandbox - Announcement of Theme for Fourth Cohort and Review of Enabling Framework
The Reserve Bank has undertaken various initiatives to realise India’s vision on payment systems by fostering an ecosystem that enables safe, quick and affordable digital payments. In this context, one of the challenges has been to minimise instances of financial frauds, which not only lead to apprehension among new users in adoption of digital payments but also make it difficult for the banks to retain customers who experience such frauds. There is also a lag between
The Reserve Bank has undertaken various initiatives to realise India’s vision on payment systems by fostering an ecosystem that enables safe, quick and affordable digital payments. In this context, one of the challenges has been to minimise instances of financial frauds, which not only lead to apprehension among new users in adoption of digital payments but also make it difficult for the banks to retain customers who experience such frauds. There is also a lag between
সেপ্টেম্বর 14, 2021
India and Singapore to link their Fast Payment Systems - Unified Payments Interface and PayNow
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system. The UPI-Pay
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system. The UPI-Pay
সেপ্টেম্বর 13, 2021
Reserve Bank Announces Opening of Third Cohort under the Regulatory Sandbox
The Reserve Bank had announced the theme for the Third Cohort under the Regulatory Sandbox (RS) as ‘MSME Lending’ vide Press Release dated December 16, 2020. It now announces opening of application window for the Third Cohort to eligible entities. 2. The application for the Third Cohort may be submitted from October 01, 2021 to November 14, 2021. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through email. (Yogesh D
The Reserve Bank had announced the theme for the Third Cohort under the Regulatory Sandbox (RS) as ‘MSME Lending’ vide Press Release dated December 16, 2020. It now announces opening of application window for the Third Cohort to eligible entities. 2. The application for the Third Cohort may be submitted from October 01, 2021 to November 14, 2021. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through email. (Yogesh D
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