Regulatory Alerts2026-06-15
Added · Updated
Master Directions on Authorisation to operate a Payment System
These Directions consolidate previous guidelines regarding the authorization, eligibility, and operation of payment systems under the Payment and Settlement Systems Act, 2007. They establish eligibility criteria including net-worth calculations and fit-and-proper tests for entities and promoters, while restricting new investments from FATF non-compliant jurisdictions to less than 20 percent of voting power. The framework grants perpetual validity to Certificates of Authorization for compliant operators, mandates a one-year cooling period for revoked or surrendered authorizations, and outlines procedures for voluntary surrender and liability extinguishment. These Directions repeal six prior circulars and directions effective from the date of publication on the Reserve Bank's website.