RBI relaxes norms relating to Payment and Settlement Systems; removes requirement of submission of returns u/r 6 (2)

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  • Last Updated on 19 February, 2022

Payment and Settlement Systems

Notification No. CO. DPSS. Ovrst. No. S1417/06.08.001/2021-22 dated 10-02-2022.

RBI has notified amendment to the Payment and Settlement Systems Regulations, 2008. “system provider” shall be substituted with “system participant” in regulation 5.

Now system participant are also required to comply with the Reg. 5, earlier the scope was limited to system provider. Further, RBI takes away requirement of submission of various returns/documents to Bank as required u/r 6 (2). The instructions as set out in the schedule w.r.t procedural Guidelines on Electronic Clearing Service (Cr. & Dr. Clearing) and Operational Manual on NEFT System stands omitted.

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