Payment system operators – compliance

RBI has vide its circular dated 4th June, 2020 relaxed some compliance timelines for payment system operators.

(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). – New deadline – financial position as on September, 30, 2020

(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. – New deadline to be submitted by October 31, 2020

(iii) Implementing provisions of circular on “Enhancing Security of Card Transactions” – New deadline to be done by September, 30, 2020

“Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems”, “calendar days” to be read as “working days”. – New deadline – time given upto December, 31, 2020

“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. – New deadline – September, 30, 2020

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