May 21, 2021<\/p>\n\n\n\n
The Chairman \/ Managing Director \/ Chief Executive Officer
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 Operators \/ Participants<\/p>\n\n\n\n
Madam \/ Dear Sir,<\/p>\n\n\n\n
A reference is invited to Reserve Bank of India instructions \u2013 (a) 2. Keeping in view the resurgence of the COVID-19 pandemic and the representations received from various bank and non-bank entities, it has been decided to extend the timeline prescribed for compliance in respect of a few areas detailed in the Annexure<\/strong>.<\/p>\n\n\n\n 3. This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).<\/p>\n\n\n\n Yours faithfully<\/p>\n\n\n\n <\/p>\n\n\n\n Annexure to<\/strong><\/p>\n\n\n\n RBI Circular CO.DPSS.POLC.No.S-106\/02-14-003\/2021-2022 dated May 21, 2021<\/strong><\/p>\n\n\n\n
DPSS.CO.PD.No.1164\/02.14.006\/2017-18 dated October 11, 2017 <\/strong>(as updated from time to time) on Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD); (b) DPSS.CO.PD.No.629\/02.01.014\/2019-20 dated September 20, 2019 <\/strong>on Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems; (c) DPSS.CO.OD.No.1325 \/06.11.001\/2019-20 dated January 10, 2020 on Scope and Coverage of System Audit of Payment Systems; (d) DPSS.CO.PD.No.1810\/02.14.008\/2019-20 dated March 17, 2020 <\/strong>on Guidelines on Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs); and (e) DPSS.CO.PD.No.1897\/02.14.003\/2019-20 dated June 4, 2020 <\/strong>on Extension of Timeline for Compliance with Various Payment System Requirements.<\/p>\n\n\n\n
(P Vasudevan)
Chief General Manager<\/p>\n\n\n\nSN<\/strong><\/td> Instruction \/ Circular<\/strong><\/td> Present Timeline<\/strong><\/td> Revised Timeline<\/strong><\/td><\/tr> 1. <\/td> All existing non-bank PPI issuers (at
the time of issuance of PPI-MD) to
comply with the minimum positive networth requirement of Rs.15 crore for
the financial position as on March 31,
2020 (audited balance sheet).<\/td>Financial position as
on March 31, 2021<\/td>Financial position as
on September 30,
2021<\/td><\/tr>2. <\/td> Harmonisation of TAT and customer
compensation for failed transactions
using authorised Payment Systems \u2013
\u201cCalendar days\u201d to be read as
\u201cWorking days\u201d.<\/td>Working days until
December 31, 2020
(Calendar days from
January 1, 2021)<\/td>Working days \u2013
Prospective \u2013 Until
September 30, 2021<\/td><\/tr>3. <\/td> Authorised Payment System
Operators (PSOs) are required to
furnish System Audit Report
conducted by CERT-IN empanelled
auditors or a Certified Information
Systems Auditor registered with
Information Systems Audit and Control
Association or by a holder of a
Diploma in Information System Audit
qualification of the Institute of
Chartered Accountants of India, on an
annual basis within two months of
close of their respective financial year.<\/td>By May 31, 2021<\/td> By September 30,
2021<\/td><\/tr>4.<\/td> Existing non-bank entities offering PA
services shall apply for authorisation
on or before June 30, 2021.<\/td>By June 30, 2021<\/td> By September 30,
2021*<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n