What changed
The RBI has consolidated various directions and guidelines for operating a payment system into Master Directions, effective immediately. This consolidation aims to enhance clarity, ease of access, and reduce compliance burden. The Master Directions cover aspects such as computation of net-worth, voluntary surrender of authorization, and investment in entities from non-compliant jurisdictions.
What it means for you
The Master Directions provide a single, unified framework for payment system operators, simplifying regulatory compliance and enhancing clarity, ease of access, and reducing the compliance burden for regulated entities.
What you must do
- Review the Master Directions and ensure compliance
- Update internal policies and procedures to reflect the consolidated guidelines
- Verify net-worth calculations and authorization requirements
Who it affects
Payment system operators, Banks, Digital payment providers
What is the purpose of the Master Directions?
The Master Directions aim to consolidate and simplify existing guidelines and instructions for operating a payment system.
When do the Master Directions come into effect?
The Master Directions are effective immediately.
What aspects are covered under the Master Directions?
The Master Directions cover aspects such as computation of net-worth, voluntary surrender of authorization, and investment in entities from non-compliant jurisdictions.