Press Releases - Payment and Settlement Systems - ਆਰਬੀਆਈ - Reserve Bank of India
ਪ੍ਰੈਸ ਰਿਲੀਜ਼
ਨਵੰ 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
ਪੀਡੀਐਫ (
ਨਵੰ 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
ਨਵੰ 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
ਅਕਤੂ 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
ਅਕਤੂ 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
ਸਤੰ 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
ਸਤੰ 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
ਸਤੰ 13, 2021
Regulatory Sandbox (RS): Second Cohort on Cross Border Payments - Test Phase
The Reserve Bank had announced opening of the Second Cohort under Regulatory Sandbox vide Press release dated December 16, 2020 for Cross Border Payments. The Reserve Bank received 27 applications from 26 entities of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from the third week of September 2021. Sr. No. Sandbox Entity Description 1 Book My Forex Private Limited The produc
The Reserve Bank had announced opening of the Second Cohort under Regulatory Sandbox vide Press release dated December 16, 2020 for Cross Border Payments. The Reserve Bank received 27 applications from 26 entities of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from the third week of September 2021. Sr. No. Sandbox Entity Description 1 Book My Forex Private Limited The produc
ਸਤੰ 13, 2021
Regulatory Sandbox (RS): First Cohort on ‘Retail Payments’ - Exit
In the First Cohort under the Regulatory Sandbox with ‘Retail Payments’ as its theme, six entities commenced testing of their products which was communicated vide Press Release dated November 17 and December 24, 2020. 2. The following six entities have completed the ‘Test Phase’. Sl. No. Name of the Sandbox Entity Description of the product (i) Nucleus Software Exports Ltd. (PaySe) PaySe is an offline digital cash product which proposes to help in digitisation of paym
In the First Cohort under the Regulatory Sandbox with ‘Retail Payments’ as its theme, six entities commenced testing of their products which was communicated vide Press Release dated November 17 and December 24, 2020. 2. The following six entities have completed the ‘Test Phase’. Sl. No. Name of the Sandbox Entity Description of the product (i) Nucleus Software Exports Ltd. (PaySe) PaySe is an offline digital cash product which proposes to help in digitisation of paym
ਸਤੰ 07, 2021
Tokenisation of Card Transactions - Enhancements
The Reserve Bank of India (RBI) has today announced the following enhancements to the extant framework on card tokenisation services: the device-based tokenisation framework advised vide circulars of January 2019 and August 2021 has been extended to Card-on-File Tokenisation (CoFT) services as well, and card issuers have been permitted to offer card tokenisation services as Token Service Providers (TSPs). The tokenisation of card data shall be done with explicit custo
The Reserve Bank of India (RBI) has today announced the following enhancements to the extant framework on card tokenisation services: the device-based tokenisation framework advised vide circulars of January 2019 and August 2021 has been extended to Card-on-File Tokenisation (CoFT) services as well, and card issuers have been permitted to offer card tokenisation services as Token Service Providers (TSPs). The tokenisation of card data shall be done with explicit custo
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