RBI discontinues certain returns under Payment and Settlement Systems Regulations

RBI discontinues certain returns under Payment and Settlement Systems Regulations The Reserve Bank of India(RBI) vide Press Release No. 2021-2022/1878 dated 17th March 2022 has amended payment and settlement systems regulations 2008. The Press Release is Given Below: The Reserve Bank of India has amended regulation 5, regulation 6 (2), and the 'schedule' to regulation 5 of the Payment and Settlement Systems Regulations, 2008, in accordance with the powers conferred by sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007 (51 of 2007). (PSS Regulations). The changes are being made with the goal of making it easier for Regulated Entities (REs) to comply with the PSS Regulations by simplifying certain of the required returns. With this amendment, certain monthly / quarterly / annual returns prescribed in sub-regulations (a) to (g) of regulation 6 (2) have been discontinued and redundant operational guidelines listed in the ‘schedule’ to regulation 5 have been removed. The updated document, ‘Payment and Settlement Systems Regulations, 2008, as amended up to February 10, 2022’ can be accessed here. For Official Press Release Download PDF Given Below: