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Official Website of Reserve Bank of India
Press Releases
Jan 08, 2019
RBI releases guidelines on Tokenisation - Card Transactions
The Reserve Bank has today released guidelines on tokenisation for debit / credit / prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which a unique token masks sensitive card details. Thereafter, in lieu of actual card details, this token is used to perform card transactions in contactless mode at Point Of Sale(POS) terminals, Quick Response(QR)
The Reserve Bank has today released guidelines on tokenisation for debit / credit / prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which a unique token masks sensitive card details. Thereafter, in lieu of actual card details, this token is used to perform card transactions in contactless mode at Point Of Sale(POS) terminals, Quick Response(QR)
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Nov 15, 2018
Cancellation of Certificate of Authorisation - MMP Mobi Wallet Payment Systems Ltd
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation MMP Mobi Wallet Payment Systems Ltd. A, E & F Blocks, Voltas Premises T.B.Kad
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation MMP Mobi Wallet Payment Systems Ltd. A, E & F Blocks, Voltas Premises T.B.Kad
Oct 19, 2018
Reserve Bank of India releases Dissent Note on Inter-Ministerial Committee for finalization of Amendments to PSS Act
An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs. RBI was represented in the Committee. Draft report of the Committee has been placed in public domain by the Government. RBI representative has submitted a dissent note on certain recommendations of the Committee, a copy of which is reproduced below for public in
An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs. RBI was represented in the Committee. Draft report of the Committee has been placed in public domain by the Government. RBI representative has submitted a dissent note on certain recommendations of the Committee, a copy of which is reproduced below for public in
Aug 28, 2018
Cancellation of Certificate of Authorisation - M/s Tech Mahindra Limited, Noida
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Tech Mahindra Limited, Noida A-20, Sector 60, Noida 201 301. 59/2013 19.09.2013 P
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Tech Mahindra Limited, Noida A-20, Sector 60, Noida 201 301. 59/2013 19.09.2013 P
Jul 05, 2017
Cancellation of Certificate of Authorisation - M/s Atom Technologies Limited
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Atom Technologies Limited, Mumbai FT Tower, CTS No. 256 & 257, Suren Road, Ch
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorised Date of cancellation Atom Technologies Limited, Mumbai FT Tower, CTS No. 256 & 257, Suren Road, Ch
May 23, 2017
Paytm Payments Bank Limited commences operations
Paytm Payments Bank Limited has commenced operations as a payments bank with effect from May 23, 2017. 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 payments bank in India. Shri Vijay Shekhar Sharma was one of the 11 applicants who was issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.Alpana Killawala Principal Advise
Paytm Payments Bank Limited has commenced operations as a payments bank with effect from May 23, 2017. 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 payments bank in India. Shri Vijay Shekhar Sharma was one of the 11 applicants who was issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.Alpana Killawala Principal Advise
May 09, 2017
Bharat Bill Payment System (BBPS) - Extension of timeline
The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent of an authorised BBPOU or exit the business of bill payments. This time-line is applicable to the entities, which did not apply for authorization as a BBPOU, or whose application for BBPOU has been returned by RBI, or which were granted extension of time by RBI but we
The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent of an authorised BBPOU or exit the business of bill payments. This time-line is applicable to the entities, which did not apply for authorization as a BBPOU, or whose application for BBPOU has been returned by RBI, or which were granted extension of time by RBI but we
May 08, 2017
Introduction of additional settlement batches in National Electronic Funds Transfer (NEFT) System
The Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience. The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ……… 5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23. Th
The Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience. The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ……… 5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23. Th
May 04, 2017
Cancellation of Certificate of Authorisation - M/s Beam Money Private Limited
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorized Date of cancellation Beam Money Private Limited, New Delhi (formerly authorised as Suvidha Starnet Pri
The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company. Company's Name Registered Office address COA No. & Date Payment system authorized Date of cancellation Beam Money Private Limited, New Delhi (formerly authorised as Suvidha Starnet Pri
Mar 30, 2017
RBI seeks comments on draft Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India - Extension of timeline
The Reserve Bank of India has extended the time for receipt of comments/ suggestions/ feedback on draft Master Directions on issuance and operation of pre-paid payment instruments (PPIs) in India till April 15, 2017. The feedback, if any, may be sent by post to the Chief General Manager – in - charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001, or by email. Earlier, the Bank
The Reserve Bank of India has extended the time for receipt of comments/ suggestions/ feedback on draft Master Directions on issuance and operation of pre-paid payment instruments (PPIs) in India till April 15, 2017. The feedback, if any, may be sent by post to the Chief General Manager – in - charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001, or by email. Earlier, the Bank
Mar 30, 2017
RBI advisory on E-wallets
The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. Only permitted banks can issue PPI wallets which in addition to purchase of goods and services from third parties and mon
The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. Only permitted banks can issue PPI wallets which in addition to purchase of goods and services from third parties and mon
Mar 21, 2017
RBI imposes penalty on Eko India Financial Services Private Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 5,00,000/- (Rupees five lakh only) on Eko India Financial Services Private Limited (entity) in exercise of the powers vested under the provisions of section 30 of the PSS Act, 2007 for not adhering to RBI instructions and wrongful reporting. The Reserve Bank of India had earlier issued a show cause notice to the entity based on the scrutiny of returns, in response to which the entity made a written su
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 5,00,000/- (Rupees five lakh only) on Eko India Financial Services Private Limited (entity) in exercise of the powers vested under the provisions of section 30 of the PSS Act, 2007 for not adhering to RBI instructions and wrongful reporting. The Reserve Bank of India had earlier issued a show cause notice to the entity based on the scrutiny of returns, in response to which the entity made a written su
Mar 20, 2017
RBI seeks comments on draft circular on Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India
The Reserve Bank of India has today placed on its website for public comments the Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”. The comments/suggestions/feedback, if any, may be sent by post to the Chief General Manager–In-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email, on or before March 31,
The Reserve Bank of India has today placed on its website for public comments the Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”. The comments/suggestions/feedback, if any, may be sent by post to the Chief General Manager–In-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email, on or before March 31,
Feb 16, 2017
Reserve Bank of India seeks Comments on Draft Circular on Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
The Reserve Bank of India has today placed on its website for public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. The comments/ suggestions/ feedback, if any, may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office Building, 14th Floor, Shahid Bhagat Singh Road, Mumbai - 400 001, or by email on or before February 28, 2017. Recent
The Reserve Bank of India has today placed on its website for public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. The comments/ suggestions/ feedback, if any, may be sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office Building, 14th Floor, Shahid Bhagat Singh Road, Mumbai - 400 001, or by email on or before February 28, 2017. Recent
Feb 03, 2017
Electronic Payment Systems - Data Dissemination (Updated as on March 06, 2018)
Reserve Bank of India has been releasing the representative data on payment systems on a daily basis since December 2, 2016. Effective February 2017, the daily data would now be released once a week till March 31, 2017. The daily data for the week (Monday to Sunday) would be released every Tuesday. Accordingly, the first release would be on February 7, 2017. There is no change in the content or source of the data. It may be mentioned that the Payment System Indicators
Reserve Bank of India has been releasing the representative data on payment systems on a daily basis since December 2, 2016. Effective February 2017, the daily data would now be released once a week till March 31, 2017. The daily data for the week (Monday to Sunday) would be released every Tuesday. Accordingly, the first release would be on February 7, 2017. There is no change in the content or source of the data. It may be mentioned that the Payment System Indicators
Feb 01, 2017
RBI cautions users of Virtual Currencies
The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual
The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual
Dec 02, 2016
Electronic Payment Systems - Representative Data
The Reserve Bank of India today released provisional data for the month of November 2016 for select payment systems. The data on credit/debit cards usage and pre-paid payment instruments are representative in nature as they are sourced from some of the major participants only. Effective December 2, 2016, the data would be released on a daily basis till December 31, 2016 with a lag of one day. It may be mentioned that the Payment System Indicators are released on a mon
The Reserve Bank of India today released provisional data for the month of November 2016 for select payment systems. The data on credit/debit cards usage and pre-paid payment instruments are representative in nature as they are sourced from some of the major participants only. Effective December 2, 2016, the data would be released on a daily basis till December 31, 2016 with a lag of one day. It may be mentioned that the Payment System Indicators are released on a mon
Nov 22, 2016
Special measures to incentivise Electronic Payments
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
Nov 18, 2016
Withdrawal limits and customer fee/charges for POS relaxed
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
Nov 14, 2016
Usage of ATMs - Waiver of customer charges
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
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Page Last Updated on: February 03, 2026
