MANU/RMIC/0157/2020

Ministry : Reserve Bank of India

Department/Board : Department of Payment and Settlement Systems

Circular No. : DPSS.CO.PD.No.660/02.14.008/2020-2021
                   RBI/2020-2021/68

Date : 17.11.2020

Notification/ Circulars Referred : DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 MANU/RMIC/0137/2017;DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 MANU/RMIC/0038/2020 DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 MANU/RMIC/0137/2017;DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 MANU/RMIC/0038/2020

Citing Reference:
DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 MANU/RMIC/0137/2017  Referred

DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 MANU/RMIC/0038/2020  Referred

All Scheduled Commercial Banks / Authorised Prepaid Payment Instrument Issuers /
Payment Aggregators / Payment System Providers / System Participants

Madam / Dear Sir,

Maintenance of Escrow Account with a Scheduled Commercial Bank

A reference is invited to the instructions issued by Reserve Bank of India vide (a) DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (updated as on February 28, 2020) on 'Issuance and Operation of Prepaid Payment Instruments (PPIs)'; and (b) DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 on 'Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs)'.

2. An authorised PPI Issuer or a PA is required to maintain an escrow account with a scheduled commercial bank on an ongoing basis. With a view to diversify risk and address business continuity concerns, it has been decided to allow........