Considering the continuous evolution and increased pace of development of payment landscape in the country including the participants leveraging the technological developments, and also the requirement to ensure safe, secure and efficient payment systems, it is incumbent on all participants to ensure strict adherence of the various National Payments Corporation of India (“NPCI”) guidelines.
While the NPCI monitors the activities of its members to see if they are complaint with Procedural Guidelines and Operating circulars, there is no formal process in place for recording the adherence by members. Now, in order to address this gap and ensure the compliance, NPCI has, through a Circular dated 11th January 2021, decided to implement the process of obtaining a self-attestation from members/ participants that they are complying with the NPCI guidelines. The circular specifies the responsibilities of members/participants along with the list of NPCI guidelines to be adhered as on date.
The NPCI will specify the modalities of the certification in further communication.
The responsibilities of the members/participants to various NPCI products are as follows:
1. To comply with the on boarding & certification process.
2. Adherence to the rules, regulations, instructions, etc. as per-
- OCS issued by NPCI
- PGs of NPCI
- NPCI data specifications for sending/processing transactions
3. Prepare master list of compliances applicable to various products in co-ordination with NPCI & ensure periodic review of the list.
4. To monitor the adherence of regulations within the organization and take corrective steps in case of any deviation
Annexure A to the Circular also lists out 3 levels of corrective steps that shall be taken for any non-adherence to NPCI regulations and also specifies the process for penal action.
Source: National Payments Corporation of India
