Press Releases - Payment and Settlement Systems - RBI - Reserve Bank of India
Press Releases
Dec 09, 2020
RBI announces date for launching of RTGS 24x7
Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020. India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. This comes within a year of operational
Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020. India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. This comes within a year of operational
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Nov 20, 2020
Reserve Bank of India imposes monetary penalty on (1) Sodexo SVC India Private Limited, (2) Muthoot Vehicle & Asset Finance Limited, (3) QwikCilver Solutions Private Limited, (4) Phonepe Private Limited, (5) Delhi Metro Rail Corporation Limited and (6) Punjab National Bank
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 entities for non-compliance of regulatory guidelines. Sr. No. Name of the Entity Speaking Order dated Amount of Penalty (₹ lakh) Non-bank Prepaid Payment Instrument Issuers 1. Sodexo SVC India Private Limited 03-08-2020 200.00 2. Muthoot Vehicle & Asset Finance Ltd. 12-08-2020 34.55 3. QwikCilver Sol
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 entities for non-compliance of regulatory guidelines. Sr. No. Name of the Entity Speaking Order dated Amount of Penalty (₹ lakh) Non-bank Prepaid Payment Instrument Issuers 1. Sodexo SVC India Private Limited 03-08-2020 200.00 2. Muthoot Vehicle & Asset Finance Ltd. 12-08-2020 34.55 3. QwikCilver Sol
Nov 17, 2020
Regulatory Sandbox (RS) - First cohort on Retail Payments - Test Phase
The Reserve Bank had announced opening of the first cohort under Regulatory Sandbox vide Press release dated November 04, 2019. The Reserve Bank received applications from 32 entities of which six have been selected for the ‘Test Phase’. The commencement of testing was delayed on account of the present COVID-19 situation. Two entities, as per details below, have started testing of their products from November 16, 2020. The remaining four are expected to start the test
The Reserve Bank had announced opening of the first cohort under Regulatory Sandbox vide Press release dated November 04, 2019. The Reserve Bank received applications from 32 entities of which six have been selected for the ‘Test Phase’. The commencement of testing was delayed on account of the present COVID-19 situation. Two entities, as per details below, have started testing of their products from November 16, 2020. The remaining four are expected to start the test
Nov 17, 2020
Reserve Bank Innovation Hub
The Reserve Bank in its Monetary Policy Statement on Development and Regulatory Policies dated August 06, 2020, had announced that the Bank will set up Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation. RBIH would be guided and managed by a Governing Council (GC) led by a Chairperson. The Reserve Bank has appointed Shri Senapathy (Kri
The Reserve Bank in its Monetary Policy Statement on Development and Regulatory Policies dated August 06, 2020, had announced that the Bank will set up Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation. RBIH would be guided and managed by a Governing Council (GC) led by a Chairperson. The Reserve Bank has appointed Shri Senapathy (Kri
Nov 13, 2020
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. Pyro Networks Private Limited Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92
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. Pyro Networks Private Limited Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92
Aug 18, 2020
Reserve Bank invites comments on the draft framework for recognition of a Self-Regulatory Organisation (SRO) for Payment System Operators
As announced in the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated February 6, 2020, the Reserve Bank hereby places a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). The SRO shall cover operators in all segments of payment systems and will be expected to observe best practices on security, customer protection and compet
As announced in the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated February 6, 2020, the Reserve Bank hereby places a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). The SRO shall cover operators in all segments of payment systems and will be expected to observe best practices on security, customer protection and compet
Aug 18, 2020
RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments
Reserve Bank has today placed on its website, the ‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ which was placed on Reserve Bank’s website on February 10, 2020 inviting public comments. The Reserve Bank invites applications for the umbrella
Reserve Bank has today placed on its website, the ‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ which was placed on Reserve Bank’s website on February 10, 2020 inviting public comments. The Reserve Bank invites applications for the umbrella
Jul 22, 2020
RBI releases ‘Report of the Committee for Analysis of QR Code’ for public comments
The Reserve Bank of India has today placed on its website the ‘Report of the Committee for Analysis of QR (Quick Response) Code’. The Committee was constituted by RBI on December 23, 2019 under the Chairmanship of Prof. D.B. Phatak (Professor Emeritus, IIT-Bombay) to review the prevalent system of QR Codes in India for facilitating digital payments and submit recommendations. The Reserve Bank invites comments / suggestions on the report from all stakeholders and membe
The Reserve Bank of India has today placed on its website the ‘Report of the Committee for Analysis of QR (Quick Response) Code’. The Committee was constituted by RBI on December 23, 2019 under the Chairmanship of Prof. D.B. Phatak (Professor Emeritus, IIT-Bombay) to review the prevalent system of QR Codes in India for facilitating digital payments and submit recommendations. The Reserve Bank invites comments / suggestions on the report from all stakeholders and membe
Jun 22, 2020
Reserve Bank sensitises members of public on safe use of digital transactions
Safety and security of digital transactions are of paramount importance to their users. The Reserve Bank has put in place many mechanisms to ensure the same by continuously and actively undertaking digital awareness campaigns in the print and Audio-Visual media, including through the Bank’s flagship programme “RBI Kehta Hai”. In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of K
Safety and security of digital transactions are of paramount importance to their users. The Reserve Bank has put in place many mechanisms to ensure the same by continuously and actively undertaking digital awareness campaigns in the print and Audio-Visual media, including through the Bank’s flagship programme “RBI Kehta Hai”. In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of K
Jun 13, 2020
Reserve Bank of India publishes the Oversight Framework for Financial Market Infrastructures and Retail Payment Systems
The Reserve Bank has today placed on its website the Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). The Committee on Payments and Market Infrastructures (CPMI) (earlier known as the Committee on Payment and Settlement Systems (CPSS)) and the International Organisation of Securities Commissions (IOSCO) have established, over the years, international risk-management standards for Systemically Important Payment Systems
The Reserve Bank has today placed on its website the Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). The Committee on Payments and Market Infrastructures (CPMI) (earlier known as the Committee on Payment and Settlement Systems (CPSS)) and the International Organisation of Securities Commissions (IOSCO) have established, over the years, international risk-management standards for Systemically Important Payment Systems
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Page Last Updated on: November 13, 2024
