RBI extends timeline for compliance with various payment system requirements in view of COVID 19 pandemic; also defers coming into force of circular on Enhancing Security of Card Transactions

In a Notification dated June 04, 2020 directed to All Scheduled Commercial Banks, including Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks / Small Finance Banks / Local Area Banks / Non-Bank PPI issuers / Authorised Payment System Participants / Operators, the Reserve Bank of India has granted extension of timeline for compliance with various payment system requirements.

 

The relaxations have been granted in view of the prevailing COVID 19 pandemic situation.

 

The compliance requirements along with extended dates are mentioned below:

 

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 crore for the financial position as on March 31, 2020 (audited balance sheet).

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

 

[Reference Link: 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)]

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”.

 

[Reference Link: DPSS.CO.PD No.1343/02.14.003/2019-20 dated January 15, 2020 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 authorised Payment Systems”, “calendar days” to be read as “working days”.

 

[Reference Link: DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019]

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.

 

[Reference Link: DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020]

w.e.f. June 01, 2020 By September 30, 2020

 

Source: Reserve Bank of India

Share this:

0