On 4 July 2022, IND RBI issued requirements on sale of payment system.
- IND RBI issued requirements on takeover / acquisition of non-bank payment system operators (PSOs) and sale/transfer of payment system activity of non-bank PSO.
- Follows master directions on prepaid payment instruments (PPIs) dated 27 August 2021.
- Also follows guidelines on payment aggregators and payment gateways in March 2020.
Requirements
- Prior approval of IND RBI needed for takeover / acquisition of control of non-bank PSOs.
- As well as sale/transfer of payment activity to an entity not authorized for this activity.
- Non-bank PSOs shall inform IND RBI within 15 calendar days for any change in management/directors, and sale/transfer of payment activity to an authorized entity.
Effectiveness
- The requirements are effective immediately.
