Notification Detail :
RBI/2024-25/108
EFD.CO.No.1/02.08.001/2024-25
January 30, 2025
The Chairman / Managing Director / Chief Executive Officer,
Authorised Payment System Operators / Banks
Madam / Dear Sir,
Framework for imposing monetary penalty and compounding of offences under the Payment and Settlement Systems Act, 2007
Please refer to the Circular DPSS.CO.OD.No.1328/06.08.005/2019-20 dated January 10, 2020 on the ‘Framework for imposing monetary penalty on authorised payment system operators/ banks under the Payment and Settlement Systems Act, 2007’.
2. Keeping in view the amendments1 to the provisions of the Payment and Settlement Systems Act, 2007 (PSS Act), and with the objective of rationalising and consolidating enforcement action by Reserve Bank of India, it has been decided to amend the instructions contained in the framework.
3. The revised framework (enclosed) shall supersede the aforementioned Circular and come into effect from the date of this Circular.
Yours faithfully,
(Minal A. Jain)
Chief General Manager-in-Charge
Encl.: As above
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1 By way of Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023), which has come into force from January 22, 2024 [Gazette notification Nos. S.O. 318(E) dated January 22, 2024 of Ministry of Finance, Department of Financial Services].
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