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, 2020SN | 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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