RBI amends funds programs guidelines


Mumbai: The Reserve Financial institution of India on Wednesday issued amended Funds and Settlement Programs Rules that enables companies eager to run payment companies to hunt licenses from the regulator.

The licensing utility ought to embrace course of move of the operator, know-how platform for use, safety features and inter-operability with different cost system operators.

As per the principles cost system, operators will likely be required to furnish all info and paperwork desired from the RBI every now and then.

The system supplier additionally has to submit its annual accounts to the regulator three months after account closing together with a replica of its audited balance sheet.

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