RBI Issues Master Directions on Authorisation to operate a Payment System
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Official government notification — a formal executive order that operationalises policy decisions. Carries legal weight and specifies rules, dates, exemptions, or procedural requirements.
Summary
Under the statutory powers conferred upon it by Payment and Settlement Systems Act, 2007 (PSS Act), RBI had issued various directions for operation of a Payment System. Today, RBI has issued Master Directions on Authorisation to operate a Payment System which consolidates instructions issued through following circulars/ guidelines, and comes into effect immediately: Computation of Net-worth dated January 16, 2015. Guidelines for Voluntary Surrender of Certificate of Authorisation dated May 12, 2