RBI Issues Master Directions on Authorisation to operate a Payment System

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:

1. Computation of Net-worth dated January 16, 2015.

2. Guidelines for Voluntary Surrender of Certificate of Authorisation dated May 12, 2016.

3. On-tap Authorisation of Payment Systems dated October 15, 2019.

4. Authorisation of entities for operating a Payment System under the PSS Act – Introduction of Cooling Period dated December 04, 2020.

5. Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators dated December 04, 2020.

6. Investment in Entities from FATF Non-compliant Jurisdictions dated June 14, 2021.

7. Framework for Voluntary Surrender of Certificate of Authorisation dated May 12, 2023.

2. This consolidation exercise is carried out in continuance with similar exercise being carried out by various departments of RBI to enhance clarity, ease of access, and reduce the compliance burden of the Regulated Entities.

(Brij Raj)           
Chief General Manager

Press Release: 2026-2027/463