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........