Credit Card Routine
Timeline Extended to 30 Sept 2020
[RBI/2019-20/251
- DPSS.CO.PD.No.1897/02.14.003/2019-20 dated 4 June 2020]
Sub:
Extension of timeline for compliance with various payment system requirements
A reference
is invited to Reserve Bank of India (RBI) instructions – (a)
DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (as updated from
time to time) on Master Direction on Issuance and Operation of Prepaid Payment
Instruments (PPI-MD), (b) DPSS.CO.PD No.1343/02.14.003/2019-20 dated January
15, 2020 on Enhancing Security of Card Transactions, (c) DPSS.CO.PD
No.629/02.01.014/2019-20 dated September 20, 2019 on Harmonisation
of Turn Around Time (TAT) and Customer Compensation for Failed Transactions
using Authorised Payment Systems, and (d)
DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 on Guidelines on
Regulation of Payment Aggregators and Payment Gateways.
2.
Keeping in view the present situation it has been decided to extend the timeline
for compliance in respect of a few areas detailed in the Annex.
3.
This directive is issued under Section 10(2) read with Section 18 of the
Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
|
Annex to
letter DPSS.CO.PD.No.1897/02.14.003/2019-20 dated June 04, 2020 |
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|
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 ` 15 crore for the financial
position as on March 31, 2020 (audited balance sheet). |
Financial position as on June 30, 2020 |
Financial position as on September 30, 2020 |
|
|
(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. |
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 |