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Recently on 15th October 2019, RBI issued guidelines on “ On-tap Authorisation of Payment Systems.” The main aim behind the introduction of these guidelines is diversification of risk and to encourage innovation and competition. Under this, RBI described minimum net-worth criteria for retail payment systems. Earlier, on 21st January 2019 RBI released policy paper on Authorisation of New Retail Payment Systems, stating liberal entry points under this segment for new entrants. As we know for creation of a reliable payment ecosystem, non-banks are playing vital role.
Now, we are going to underline the highlights of the circular;
RBI is going to offer on-tap authorisation to the below mentioned:
It is a platform for recurring bill payments. At present, BBPOU covers five segments, such as electricity bill, telecom bill, direct-to-home (DTH), gas, and water bills.
It facilitates the financing of MSME invoices and bills drawn on corporate buyers by way of discounting by financiers. Under this participants may take benefit of uninterrupted services for discharging functions.
For more details on TReDS, you can read this article: Know Everything about Trade Receivable Discounting System
Set-up by the non banking entities
RBI decided net worth criteria for entities who wish to function, operate, or provide platforms for the following:
The authorization will be based on the following factors:
The facts, as mentioned above, are based on the press release issued by the RBI on “On-tap Authorisation of Payment Systems” dated 15th October 2019.
Soniya is a dedicated legal professional with a flair for reading & writing to keep herself updated with the latest economical developments. She has worked on projects related to IPR & Corporate laws which have given her diversity in work and a chance to blend her subject knowledge with its real-time implementation, thus enhancing her skills.
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