The Reserve Bank of India vide circular dated June 04, 2020, has extended timeline for compliance with various payment system requirements keeping in view the present pandemic situation. The following are the extensions:
- 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, extended to financial position as on June 30, 2020 hereby further extended to financial position as on September 30, 2020
- Authorized non-bank entities shall submit the System Audit Report, including cyber security audit conducted by CERT-IN empanelled auditors, within extended date October 31, 2020 to the respective Regional Office of DPSS, RBI.
- Provisions of circular on “Enhancing Security of Card Transactions” shall be implemented by By September 30, 2020.
- “Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems”, “calendar days” to be read as “working days” until 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 By September 30, 2020.
Click here to read the Circular.
