Ans. Yes. It shall be in order for such non-bank PSPs to effect funds transfer from their current account with RBI to current accounts maintained with commercial banks for taking care of their routine payments. The current account of RBI shall not be used therefor.

Further, extant instructions for non-bank PPI issuers on maintenance of escrow account/s with scheduled commercial bank(s) shall continue to apply. Card networks shall not be allowed to use the RBI current account for their settlement guarantee and related activities.

Ans. In addition to extant regulatory requirements for authorised non-bank PSPs, supervisory assessments will include compliance with regulatory requirements as laid out in:

Master Directions on Access to Payment Systems;

RTGS System Regulations; and

NEFT Procedural Guidelines.

Ans. The detailed process of application is given in the Master Directions on Access Criteria for Payment Systems issued vide DPSS.CO.OD.No.1846/04.04.009/2016-17 dated January 17, 2017.

All applications for membership to CPS shall have to be submitted to the Chief General Manager, Department of Payment and Settlement Systems (DPSS), Reserve Bank of India (RBI), Central Office, 14th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001.

The application will need to be in the format prescribed in Appendix - 1 “Covering letter for membership to Centralised Payment System”, of Master Directions on Access Criteria for Payment Systems, together with annexures.

Ans. An indicative checklist of documents is given below:

a) Covering Letter for Membership to CPS, including:

1. Part-A: General Information

2. Part-B: Financial and Risk Management Aspects

b) For Current Account:

1. Application Form for Opening Current Account with RBI Regional Office (Annex-I of Master Directions on Access Criteria for Payment Systems)

2. Original Certificate of Incorporation / Registration

3. Original Certificate of Commencement of Business

4. An Up-to-date Copy of the Memorandum and Articles of Association / Byelaws Duly Authenticated by the Chairman of the Board

5. True Copy of a Resolution (as per specimen on the reverse) of the Board of Directors Authorising the Opening of the Account Together with Specimen of the Signatures of the Authorised Signatories Duly Attested by the Chairman

6. List of Officials Authorised to Operate Account

c) For INFINET Membership:

1. Application Form for INFINET Membership (Annex-IV of Master Directions on Access Criteria for Payment Systems)

2. Undertaking to be Given by the Applicant on Letter Head of the Entity

3. Copy of Board Resolution to Obtain INFINET Membership

4. Details of Existing IT Infrastructure

d) For RTGS Membership:

1. Application Form for RTGS Membership (Annex-V of Master Directions on Access Criteria for Payment Systems)

2. Certified Copy of the Advice of INFINET Membership

3. Undertaking in the Prescribed Form (Stamp Paper)

4. Power of Attorney, in Original, in the Prescribed Form (Stamp Paper)

5. Certified True Copy of the Resolution of the Board of Directors Authorising to Apply for the Membership of the RTGS System

6. Standing Instructions for Start of the Day Fund Transfer

e) For NEFT Membership:

1. Application Form for NEFT Membership (Annex-VI of Master Directions on Access Criteria for Payment Systems)

2. Certified True Copy of RTGS Membership Certificate