Reetu | Feb 24, 2022 |
RBI Amends Payment and Settlement Systems Regulations 2008
The Reserve Bank of India (RBI) has amended the Payments and Settlement Systems Regulations, allowing enterprises interested in running payment services to apply for licences from the regulator.
The operator’s process flow, the technology platform to be used, security features, and interoperability with other payment system operators should all be included in the licence application.
Operators will be expected to provide any information and documents requested by the RBI from time to time under the rules payment system.
Three months after the account closes, the system provider must submit its annual accounts to the regulator, along with a copy of its audited balance sheet.
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