India, June 16 -- The Reserve Bank of India (RBI) has issued Master Directions on Authorisation to Operate a Payment System, bringing together various regulatory instructions issued over the years under the provisions of the Payment and Settlement Systems (PSS) Act, 2007. The new directions come into effect immediately.
The Master Directions consolidate key guidelines and circulars related to payment system authorisation, including provisions on net-worth computation, voluntary surrender of authorisation certificates, on-tap licensing of payment systems, cooling-off periods for authorisation applicants, perpetual validity of Certificates of Authorisation (CoA), investment restrictions involving FATF non-compliant jurisdictions, and the fra...