Disclose company name in products: RBI

In a bid to ensure transparency in the promotional material and to build an enduring relationship with the customers, the RBI has urged all authorised entities to disclose or disseminate their own company name in the information made available to the users of their products. This will help the public to correlate a product brand name to the name of the entity/company authorised under the Payment and Settlement Act, 2007 (PSS Act).

It has come to the notice of the central bank that many authorised entities, which use specific brand names for their products like e-wallets, smart cards, White Label ATMs (WLAs), etc., do not disclose/disseminate their own company name. Under the PSS Act an entity operating a payment system within the country has to obtain authorisation from RBI. The Certificate of Authorisation (COA) issued by the bank to an entity on receiving approval is in the name of the company.