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


Instruction / Circular

Present Timeline

Revised Timeline


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


Implementing provisions of circular on “Enhancing Security of Card Transactions”.

w.e.f. June 16, 2020

By September 30, 2020


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


“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