RBI’s Outsourcing Framework for Payment and Settlement Activities
Background
The Reserve Bank of India (“RBI”) recently (on August 03, 2021) issued Circular CO.DPSS.POLC.No.S-384/02.32.001/2021-2022 (“Outsourcing Circular”) with the aim of creating a framework to govern the outsourcing of payment and settlement related activities by Payment System Operators (“PSOs”). The Outsourcing Circular applies to all PSOs, including Prepaid Payment Instrument (PPI) issuers, and prescribes certain essential standards and requirements for any payment and settlement related outsourcing arrangement of a PSO.
For further details, please refer to the below document.
This Newsletter has been prepared by the JSA Competition Law Team.
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