New Delhi, June 18 -- The Reserve Bank of India (RBI) has issued Master Directions on Authorisation to Operate a Payment System, consolidating several circulars and guidelines issued since 2015 into a single framework.

The directions, issued under the Payment and Settlement Systems Act, 2007, have come into effect immediately and apply to both new applicants and existing Payment System Operators (PSOs).

The consolidation is part of a broader exercise by the RBI to enhance regulatory clarity and reduce the compliance burden on regulated entities.

Perpetual Validity and Stricter Governance

A significant change under the new framework is the shift to perpetual validity of Certificates of Authorisation (CoA) for PSOs, replacing the earlie...