RBI extends Timeline for Compliance with various Payment System Requirements

By Taxscan Team - On June 5, 2020 12:12 pm - 2 mins read
RBI - Compliance - Payment System -Taxscan

The Reserve Bank of India ( RBI ) has extended the timeline for Compliance with various Payment System Requirements.

The RBI has said that A reference is invited to Reserve Bank of India (RBI) instructions – (a) DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (as updated from time to time) on Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD), (b) DPSS.CO.PD No.1343/02.14.003/2019-20 dated January 15, 2020, on Enhancing Security of Card Transactions, (c) DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019, on Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems, and (d) DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020, on Guidelines on Regulation of Payment Aggregators and Payment Gateways.

Annex to letter DPSS.CO.PD.No.1897/02.14.003/2019-20 dated June 04, 2020

SN Instruction / Circular Present Timeline Revised Timeline
1. PPI-MD dated October 11, 2017 (as updated from time to time):

(i) All existing non-bank PPI issuers (at the time of issuance of PPI-MD) to comply with the minimum positive net-worth requirement of Rs. 15 crores for the financial position as on March 31, 2020 (audited balance sheet).

(ii) Authorized non-bank entities shall submit the System Audit Report, including a cybersecurity audit conducted by CERT-IN impaneled auditors, within two months of the close of their financial year to the respective Regional Office of DPSS, RBI.

 Financial position as on June 30, 2020 Financial position as on September 30, 2020
By August 31, 2020 By October 31, 2020
2. Implementing provisions of circular on “Enhancing Security of Card Transactions”. w.e.f. June 16, 2020 By September 30, 2020
3. “Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems”, “calendar days” to be read as “working days”. w.e.f. March 24, 2020 Until December 31, 2020
4. “Guidelines on Regulation of Payment Aggregators and Payment Gateways”, the activities for which specific timelines are not mentioned and were supposed to come into effect from April 1, 2020. w.e.f. June 01, 2020 By September 30, 2020

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