June 04, 2020
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 Participants / Operators
Madam / Dear Sir,
Extension of timeline for compliance with various payment system requirements
A reference is invited to Reserve Bank of India (RBI) instructions – (a) DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (as updated from time to time) on Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD), (b) DPSS.CO.PD No.1343/02.14.003/2019-20 dated January 15, 2020 on Enhancing Security of Card Transactions, (c) DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019 on Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems, and (d) DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 on Guidelines on Regulation of Payment Aggregators and Payment Gateways.
- Keeping in view the present situation it has been decided to extend the timeline for compliance in respect of a few areas detailed in the Annex.
- This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Chief General Manager
Encl.: As above