Payment System Operators News Today

Lok Sabha elections 2024: The RBI has asked PSOs to keep a check on high value and suspicious transactions to prevent the misuse of electronic fund transfer mechanisms to influence voters or indirectly fund poll candidates

Lok Sabha elections 2024: RBI has told payment firms to ensure they keep an eye on high-value transactions in order to ensure a free and fair elections process.

The RBI said: “For face-to-face/proximity payment transactions done using cards, from August 1, 2025, no entity in the card transaction/payment chain, other than the card issuers and/or card networks, shall store the CoF data."

RBI releases framework for geo-tagging of payment system touch points : Rashtra News #RBI #releases #framework #geotagging #payment #system #touch #points Reserve Bank of India (RBI) on Friday released the framework for geo-tagging of payment system touch points to ensure proper monitoring of the availability of payment acceptance infrastructure. Geo-tagging refers to capturing the geographical

State Bank of Pakistan's decision to grant in-principle approval to five digital retail banks, promises a revolution in the banking sector.

SBP grants approval to 5 digital retail banks

The State Bank of Pakistan (SBP), in a bid to foster innovation, financial inclusion and availability of affordable digital financial services, granted in-principle approval (IPA) for establishing five digital retail banks on Wednesday

SBP grants in-principle approval to 5 digital retail banks

In July 2023, a single judge of Delhi High Court held that PayPal was liable to be viewed as a payment system operator under PMLA and will have to comply with reporting obligations.

Time will tell if the licenses issued by the central bank will succeed like their microfinance licenses or never take off.