Non-bank PSOs required to take prior approval for takeover/ acquisition/sale & transfer of payment: RBI

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  • Last Updated on 6 July, 2022

Non-bank PSOs; RBI;

Circular no CO.DPSS.POLC.No. S-590/02-14-006/2022-23, Dated: 04.07.2022

The RBI has issued instructions to non-bank Payment System Operators (PSOs) to take prior approval of the RBI for following purpose:

(a) Takeover or acquisition of control, which may or may not result in a change of management.

(b) The sale or transfer of payment activity to an entity not authorized for undertaking a similar activity.

Further, the non-bank PSOs shall inform RBI within 15 calendar days in the cases of change in management/directors, sale/transfer of payment activity to an entity authorized for undertaking a similar activity. These directives are made effective immediately.

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