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The Reserve Bank of India on Wednesday issued amended Payments and Settlement Systems Regulations that allows companies wanting to run payment businesses to seek licenses from the regulator.
The licensing application should include process flow of the operator, technology platform to be used, security features and inter-operability with other payment system operators.
As per the rules payment system, operators will be required to furnish all information and documents desired from the RBI from time to time.
The system provider also has to submit its annual accounts to the regulator three months after account closing along with a copy of its audited balance sheet.
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