RBI extends timeline of compliance with various payment system requirements

RBI extends timeline for compliance with various payment system requirements

Extension of timeline for compliance with various payment system requirements

Reserve Bank of India (RBI) had in past issued instructions on Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD), enhancing security of card transactions, harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems and Guidelines on Regulation of Payment Aggregators and Payment Gateways.

In view of the Covid-19 pandemic situation, RBI has decided to extend the timeline for compliance in respect of a few areas as under:

Annex to letter DPSS.CO.PD.No.1897/02.14.003/2019-20 dated June 04, 2020

SN	Instruction / Circular	Present Timeline	Revised Timeline
1.	PPI-MD dated October 11, 2017 (as updated from time to time): (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). (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.	Financial position as on June 30, 2020	Financial position as on September 30, 2020
1.		By August 31, 2020	By October 31, 2020
2.	Implementing provisions of circular on “Enhancing Security of Card Transactions”.	w.e.f. June 16, 2020	By September 30, 2020
3.	“Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems”, “calendar days” to be read as “working days”.	w.e.f. March 24, 2020	Until December 31, 2020
4.	“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.	w.e.f. June 01, 2020	By September 30, 2020

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