RBI Allows Compliance Deadline Relaxation To Local Payment Operators

RBI has allowed relaxation to local payment operators on various compliance deadlines. Among those instructions on which timelines have now been extended include enhancement of security features on card from the earlier June 16, 2020 to the new deadline of September 30, 2020. Payment operators have also been given four-month extension to comply with guidelines on payment gateway and aggregators which earlier lapsed on June 1, 2020. RBI noted that operators can now also defer updates to harmonise turn-around times on failed transactions till the end of the year. The deadline for this had already expired in March of 2020. The timeline for minimum net worth criteria of Rs.15 crore to be a functional prepaid payment instrument has also been extended from June 30, 2020 to September 30, 2020. Non-bank entities which were asked to submit cybersecurity audit reports by CERT by August 31, 2020 can avail extension till October 31, 2020 now.

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