The Payment and Settlement Systems
Section 2(1) (i) of The Payment and Settlement Systems Act, 2007 defines a payment system to mean a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange (Section 34 of the PSS Act 2007 states that its provisions will not apply to stock exchanges or clearing corporations set up under stock exchanges). It is further stated by way of an explanation that a “payment system” includes the systems enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations.
All systems (except stock exchanges and clearing corporations set up under stock exchanges) carrying out either clearing or settlement or payment operations or all of them are regarded as payment systems. All entities operating such systems will be known as system providers. Also all entities operating money transfer systems or card payment systems or similar systems fall within the definition of a system provider. To decide whether a particular entity operates the payment system, it must perform either the clearing or settlement or payment function or all of them.
The Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters. The Reserve Bank is authorized under the Act to constitute a Committee of its Central Board known as the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), to exercise its powers and perform its functions and discharge its duties under this statute. The Act also provides the legal basis for “netting” and “settlement finality”. This is of great importance, as in India, other than the Real Time Gross Settlement (RTGS) system all other payment systems function on a net settlement basis.
The Payment and Settlement Systems Act, 2007, two Regulations have been made by the Reserve Bank of India, namely, the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008. Both these Regulations came into force along with the PSS Act, 2007 on 12th August 2008. [Source: RBI]
INSTITUTION
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Considering the utility nature of the objects of NPCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.
NPCI, during its journey, has made a significant impact on the retail payment systems in the country. Dedicated to the nation by our former President, Shri Pranab Mukherjee, endorsed by the Hon’ble Prime Minister, Shri Narendra Modi and later made the card of choice for the ambitious Pradhan Mantri Jan Dhan Yojana, RuPay is now a known name.
RuPay is an Indigenously developed Payment System – designed to meet the expectation and needs of the Indian consumer, banks and merchant eco-system.
RuPay supports the issuance of debit, credit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India.
RuPay is well poised to explore innovative payment opportunities such as Contactless – offline and online to drive adoption of low value payments. All RuPay Cards will now have the functionality of NCMC which can enable low value contactless payments (like transit, toll, parking, retail) using Offline technology.
The alliances with international network partners (Discover Financial Services, Japan Credit Bureau and China Union Pay) provides valuable access to global acceptance footprint and offer world class payment solutions to RuPay cardholders.
With Immediate Payment Service (IMPS), India has become the leading country in the world in real time payments in retail sector. National Automated Clearing House (NACH), an offline web based system for bulk push and pull transactions. NACH provides electronic mandate platform to register mandates facilitating paper less collection process for the corporates and banks. It provides for both account based and Aadhaar based transactions. Aadhaar Payment Bridge (APB) System is helping the Government and Government agencies in making the Direct Benefit Transfers for various Central as well as State sponsored schemes. To access these funds at door step & drive the financial inclusion in India, Aadhaar enabled Payment System(AePS) has been introduced. Since inception it has become instrumental to increase accessibility of basic banking services in underserved areas.
National Financial Switch (NFS) is the largest network of shared Automated Teller Machines (ATMs) in India facilitating interoperable cash withdrawal, card to card funds transfer and interoperable cash deposit transactions among other value added services in the country.
Unified Payments Interface (UPI) has been termed as the revolutionary product in the payment system and Bharat Bill Payment System is offering one-stop bill payment solution for all recurring payments with 200+ Billers in the categories Viz. Electricity, Gas, Water, Telecom, DTH, Loan Repayments, Insurance, FASTag Recharge, Cable etc. across India.
National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian market.
It provides an electronic payment facility to customer to make the payments at national, state and city toll plazas by identifying the vehicle uniquely through a FASTag. FASTag are Radio-Frequency Identification (RFID) stickers which are affixed on the vehicle windshield and enable the driver to make toll payments electronically while the vehicle is in motion without stopping at the Toll plazas by saving Fuel and Time. [Source: NPCI web]
Data and Information Security
NPCI is compliant under PCI DSS v3.2, ISO 27001:2013 and ISO 22301:2012. Security framework with Protect, Detect, Respond, Predict and Recover methodology is incorporated at NPCI. Comprehensive set of policies adopting the above frameworks and the CSITE framework of RBI have been framed including Information Security Management System (ISMS), Business Continuity Management System (BCMS), Cyber Security and Data Security Policies. NPCI has embraced implementation of these policies, processes and guidelines to manage risks to its information assets, thus ensuring acceptable levels of risk. NPCI has engaged with reputed firms to perform regular assessments and audits for its applications to ensure compliance.
Below are the few technologies and controls that are deployed at NPCI which have evidently mitigated some of the real time Cyber-attacks targeting NPCI.
Perimeter security controls including firewall, web application firewall, micro-segmentation of network, routing controls, secured switch configurations, proxy server, Anti-Distributed Denial of Service Solution, Anti – Advanced Persistent Threat etc.
Various Detective controls including SOC to monitor and restrict the attacks from external world to NPCI
Privileged identity & access management solutions which further segregates the logical access and restricts user to access critical systems supported by two factor authentication
Security assessment tools that are used to carry out vulnerability assessment, penetration testing and other application security assessment on periodic basis ensuring that the vulnerabilities are periodically identified and fixed as part of our Secure Software Development Lifecycle.
Regulation and Supervision of Payment Systems
Chapter IV of the PSS Act and its various Sections, provide for the Regulation and Supervision of Payment Systems. The powers to regulate and supervise comprise:
Section 10: Power to determine standards: This clause empowers RBI to determine and prescribe standards in respect of format of payment instructions, timings to be maintained, manner of fund transfer, membership criteria, and such other standards to be complied with by payment systems. It also empowers RBI to issue guidelines for the proper and efficient management of the payment systems.
Section 11: Notice of change in the Payment System: This clause requires the system provider not to cause any change in the system which would affect the structure or the operation of payment system without prior approval of RBI.
Section 12: Power to call for returns, documents or other information: This section empowers RBI to call for returns, documents, other information in form, manner and periodicity as it may require.
Section 13: Access to information: This section empowers RBI to access any information relating to the operation of any payment system from system provider and system participants.
Section 14: Power to enter and inspect: RBI has powers to enter, inspect any premises where the payment system is operated and any equipment, computer system and other documents.
Section 16: Power to carry out audit and inspection: RBI has power to conduct and get conducted audits and inspection of payment system or system participants.
Section 17: Power to issue direction: RBI can issue directions to payment system providers and system participants to cease and desist from any act, omission or course of conduct that would result in systemic risks or affect payment systems, monetary policy or the credit policy.
Section 18: Power of RBI to give directions generally: RBI has powers to lay down policies for regulations of payment systems and to issue directions to system providers, system participants etc.
Section 19: Directions of RBI to be generally complied with: This section imposes a duty on every person to whom a direction is issued by the RBI to comply with such direction and submit compliance. [RBI]
Payment System Operators in India
Every person desirous of commencing or carrying on a payment system (hereinafter referred to as ‘applicant’) shall submit an application under sub-section (1) of Section 5 of the Act to the Bank for grant of authorization under sub-section (1) of section 7 of the Act. [Payment and Settlement Systems Regulations, 2008]
A. Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India
The Payment and Settlement Systems Act, 2007 along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008 have come into effect from 12th August, 2008.
The list of ‘Payment System Operators’ authorised by the Reserve Bank of India to set up and operate in India under the Payment and Settlement Systems Act, 2007 is as under:
| Sr. No. | Name of the Authorised Entity | Address of the Principal Office | Payment System Authorised | Date of issue of Authorisation & Validity Period (given in brackets) |
|---|---|---|---|---|
| Financial Market Infrastructure | ||||
| 1. | The Clearing Corporation of India Ltd. | The Managing Director, Clearing Corp. of India, 5th, 6th & 7th floor Trade World, “C” Wing Kamala City, SB Marg, Lower Parel (West) Mumbai 400 013 |
i. Securities segment covering Govt Securities;
ii. Forex Settlement Segment comprising of sub-segments a. USD-INR segment, b. CLS segment – Continuous Linked Settlement c. Forex Forward segment; iii. Rupee Derivatives Segment-Rupee denominated trades in IRS & FRA. |
11.02.2009
-do- -do- -do- -do- |
| Retail Payments Organisation | ||||
| 2. | National Payments Corporation of India | The Chief Executive Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra – Kurla Complex, Bandra (East), Mumbai–400 051. |
i. National Financial Switch (NFS)
ii. Immediate Payment System (IMPS) iii. Affiliation of RuPay Cards (debit cards/ prepaid cards) issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. iv. National Automatic Clearing House (NACH) v. Aadhar Enabled Payments System (AEPS) vi. Operation of Cheque Truncation System vii. Unified Payments Interface viii. National Electronic Toll Collection (NETC) |
15.10.2009
12.10.2010 12.07.2012 23.05.2013 11.01.2011 21.09.2011 24.08.2016 11.02.2019 |
| Cards Payment Networks | ||||
| 3. | American Express Banking Corp., USA | The Chief Executive Officer, American Express Banking Corp., 200 Vesey Street MC 01-39-12 New York, NY USA 10285. |
Affiliation of credit cards/debit cards/prepaid cards issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the Reserve Bank of India. | 31.03.2009 |
| 4. | Diners Club International Ltd., USA | The Chief Executive Officer, Diners Club International Ltd. 2500, Lake Cook Road River woods, Illinois (IL) – 60015, U S A. |
Affiliation of credit card issued by banks or any other entity approved by the Reserve Bank of India. | 30.06.2010 |
| 5. | MasterCard Asia/ Pacific Pte. Ltd., Singapore (Earlier MasterCard International Incorporated, USA was performing this activity) | The Chief Executive Officer, Mastercard Asia/ Pacific Pte. Ltd, 3 Fraser Street, DUO Tower, #17-21/28, Singapore 189352 |
Affiliation of credit cards/ debit cards/ prepaid cards issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the Reserve Bank of India. | 01.12.2014 |
| National Payments Corporation of India | The Chief Executive Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East) Mumbai–400 051. |
Affiliation of RuPay Cards (debit cards/ prepaid cards) issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. | 12.07.2012 | |
| 6. | Visa Worldwide Pte. Limited, Singapore (Earlier Visa International Service Association, USA was performing this activity) | The President Visa Worldwide Pte. Limited, 71, Robinson Road, #08-01, Singapore (068895). |
Affiliation of credit cards/ debit cards/ prepaid cards issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. | 01.04.2010 |
| Cross border Money Transfer – in-bound only | ||||
| 7. | Bahrain Financing Company, BSC (C) | The Director Bahrain Financing Company, BSC (c), Bab AL Bahrain Building, Bab AL Bahrain Avenue, Government Road, P.O Box 243 Manama, Bahrain |
Money Transfer Service (MTSS)– cross border in-bound service (customer to customer) known as “EzRemit” | 30.09.2009 |
| 8. | Continental Exchange Solutions Inc, USA | The Chief Executive Officer, 6565, Knott Avenue, Buena Park, California, 90620- USA |
MTSS- cross border in-bound service (customer to customer) known as “Ria Money Transfer” | 28.04.2014 (Valid upto 31.03.2024) |
| 9. | Fast Encash Money Transfer Services Ltd. | The Chief Executive Officer, 144, High Street North, London E6 2HT |
MTSS- cross border in-bound service (customer to customer) | 03.04.2017 (Valid upto 31.03.2021) |
| 10. | Transfast Inc., Canada (formerly Global Foreign Exchange Inc.) | The President, Transfast Inc. 3660 Midland Avenue, Suite 333 Toronto, Ontario M1V 0B8 Canada |
MTSS- cross border in-bound service (customer to customer) known as “Transfast” | 30.09.2009 (Valid upto 30.09.2023) |
| 11. | MoneyGram Payment Systems Inc, USA. | The President & Chief Executive Officer, 1550 Utica Avenue South, Minneapolis, Minnesota 55416, U.S.A. |
MTSS- cross border in-bound service (customer to customer) known as “MoneyGram or MoneyGram International” | 25.05.2009 (Valid upto 31.05.2022) |
| 12. | Muthoot Finserve USA Inc. {formerly Royal Exchange (USA) Inc.} | The President, Muthoot Finserve USA Inc. 1155, Green Street Iselin, NJ 08830 U.S.A. |
MTSS- cross border in-bound service (customer to customer) | 30.09.2009 (Valid upto 30.06.2021) |
| 13. | UAE Exchange Centre LLC, UAE | The Managing Director & CEO, UAE Exchange Centre LLC, P.O No. 13304, Building of Nassar Bin Abdul Latiff Naïf Street Deira, Dubai, U A E |
MTSS- cross border in-bound service (customer to customer) known as “Xpress Money” | 30.09.2009 |
| 14. | Wall Street Exchange Centre LLC, UAE | The Group Managing Director, Wall Street Exchange Centre LLC, Central Office Building, AI Sabhkha, Naif Road P.O Box 3014, Deira, Dubai UAE. |
MTSS- cross border in-bound service (customer to customer) known as “Instant Cash” | 30.09.2009 |
| 15. | Western Union Financial Services Incorporated, USA | The Chief Executive Officer, Western Union Financial Services Incorporated, 7001E, Belleview Avenue, Englewood, CO 80237. |
MTSS- cross border in-bound service (customer to customer) known as “Western Union or WU” | 31.03.2009 |
| ATM Networks | ||||
| 16. | Bank of India | The Chairman & Managing Director Bank of India, Star House C-5 ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051. |
‘BANCS’ – ATM network | 12.08.2009 |
| 17. | Euronet Services India Private Limited | The Managing Director, Euronet Services India Private Limited, 2nd Floor, Marwah House, Krishanlal Marwah Marg, Andheri (E) Mumbai – 400 072. |
CASHNET – ATM Network | 25.05.2009 |
| National Payments Corporation of India | The Chief Executive Officer, National Payments Corporation of India, C-9, 8th Floor, RBI Premises, Bandra – Kurla Complex, Bandra East, Mumbai–400 051. |
National Financial Switch (NFS) | 15.10.2009 | |
| 18. | Punjab National Bank | The Chairman & Managing Director, Punjab National Bank, 7, Bhikaji Cama Place New Delhi 110049. |
Bilateral ATM sharing arrangement with Everest Bank of Nepal | 05.04.2010 |
| 19. | State Bank of India | The Chairman, State Bank of India, Corporate Centre, 1st Floor, ‘C’ Wing, Mittal Towers, Nariman Point, Mumbai 400 021. |
State Bank Group ATM network | 12.08.2009 |
| Pre-paid Payment Instruments | ||||
| 20. | Aircel Smart Money Limited | The Chief Executive Officer, Aircel Smart Money Limited, 2nd and 5th Floor, Building No 10 A, DLF Cybercity, DLF Phase 2, Gurgaon, Haryana |
Pre-paid Payment Instruments | 04.06.2015 (Valid upto 30.06.2020) |
| 21. | Amazon Pay (India) Private Limited (formerly Amazon Online Distribution Services Private Limited) |
The Chief Executive Officer, Amazon Pay (India) Private Limited, #26/1, Brigade Gateway, World Trade Centre, 8th floor, Dr. Rajkumar Road, Malleswaram (West), Bangalore – 560 055 |
Pre-paid Payment Instruments known as “Amazon Pay balance: Money” | 22.03.2017 (Valid upto 31.03.2022) |
| 22. | Appnit Technologies Private Limited | The Chief Executive Officer, Appnit Technologies Private Limited, 403, 4th Floor, Tower A, Logix Technova Centre, Sector 32, Noida, Uttar Pradesh – 201 301 | Pre-paid Payment Instruments | 22.03.2017 (Valid Upto 31.03.2022) |
| 23. | Balancehero India Private Limited | The Chief Executive Officer, Balancehero India Private Limited, Office No – 121, 2nd Floor, Sector 44, Gurugram, Haryana – 122003 | Pre-paid Payment Instruments | 18.07.2017 (Valid upto 30.09.2022) |
| 24. | Card Pro Solutions Pvt. Ltd. | The Chief Executive Officer, Card Pro Solutions Pvt. Ltd., 135, A to Z Industrial Estate, G K Marg, Lower Parel, Mumbai 400 013 |
Pre-paid Payment Instruments | 04.06.2015 (Valid upto 30.06.2020) |
| 25. | Delhi Integrated Multi- Modal Transit System Limited | The Chief Executive Officer, Delhi Integrated Multi-Modal Transit System Limited, 1st floor, Maharana Pratap ISBT Building, Kashmere Gate, Delhi – 110 006 |
Pre-paid Payment Instruments | 27.08.2015 (Valid upto 30.09.2020) |
| 26. | Delhi Metro Rail Corporation Limited | The Chief Executive Officer, Delhi Metro Rail Corporation Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi – 110001 | Pre-paid Payment Instruments for Mass Transit Systems | 20.02.2017 (Valid upto 31.03.2022) |
| 27. | DigitSecure India Private Limited | The Chief Executive Officer, DigitSecure India Private Limited, Plot No: 1303 and 1304, 4th Floor, Khanamet, Hitech City, Ayappa Society, Madhapur, Hyderabad – 500 081. |
Pre-paid Payment Instruments e-wallet known as ‘HotRemit’ | 23.07.2012 (Valid upto 30.09.2020) |
| 28. | Edenred (India) Private Limited – nee Accor Services Pvt. Ltd. | The Managing Director & Chief Executive Officer, Edenred (India) Private Ltd; Camera House, Majiwade Village Road Majiwade, Thane (W) 400 601. |
Meal and gift paper vouchers, meal and cafeteria cards, gift cards. The products are mainly under the brand name ‘Ticket/Ticket Restaurant/Ticket Compliments’ | 29.10.2009 (Valid upto 30.04.2021) |
| 29. | Eko India Financial Services Private Limited | The Chief Executive Officer, Eko India Financial Services Pvt. Ltd., 3rd Floor, Phase II, Plot No 34, Institutional Area, Sector 44 Gurgaon 122 003. |
Pre-paid Payment Instruments | 25.03.2015 (Valid upto 31.12.2020) |
| 30. | E-Meditek Global Private Limited | The Chief Executive Officer, E-Meditek Global Private Limited, Plot No. 577, Udyog Vihar, Phase –V, Gurgaon, Haryana – 122016 | Pre-paid Payment Instruments | 07.10.2016 (Valid upto 31.12.2021) |
| 31. | GI Technology Private Limited | The Director, GI Technology Private Limited, Unit No. 301 & 302, 3rd Floor, Campus 3B, RMZ Millenia, Business Park, 11, MGR Main Road, Perungudi, Chennai – 600 096 |
Pre-paid Payment Instruments Card known as ‘I Cash’ | 29.10.2009 (Valid upto 31.12.2022) |
| 32. | Hip Bar Private Limited | The Chief Executive Officer, Hip Bar Private Limited, 34, (First Floor), 4th Main Road, Gandhi Nagar, Adyar, Chennai – 600 020 |
Pre-paid Payment Instruments | 22.08.2016 (Valid upto 30.09.2021) |
| 33. | InCashMe Mobile Wallet Services Private Limited | The Chief Executive Officer, InCashMe Mobile Wallet Services Private Limited, InCashMeTM House, 5/B Suhasnagar Society, Behind Income Tax Department, Ashram Road, Ahmedabad, Gujarat – 380 009 |
Pre-paid Payment Instruments | 06.04.2018 (Valid upto 30.06.2020) |
| 34. | India Transact Services Limited | The Chief Executive Officer, India Transact Services Limited, ITSL, 14th Floor, Tower 3, Indiabulls Finance Center, S. B. Marg Elphinstone Road (W) Mumbai 400 013 |
Pre-paid Payment Instruments known as ‘Ongo’ | 30.05.2014 (Valid upto 31.05.2021) |
| 35. | Ebix Payment Services Private Limited, (formerly Itz Cash Card Private Limited) | The Chief Executive Officer, Ebix Payment Services Private Limited 2nd Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai – 400 098 |
Pre-paid Payment Instruments known as ‘EBIXCASH’ | 25.08.2009 (Valid upto 30.11.2020) |
| 36. | Kedia Infotech Ltd. | The Chief Executive Officer Kedia Infotech Ltd. 518, 5th Floor Swapnalok Complex S D Road Secunderabad 500 003 |
Pre-paid Payment Instruments known as ‘Etran Wallet’ | 29.07.2015 (Valid upto 30.09.2020) |
| 37. | LivQuik Technology (India) Private Limited | The Chief Executive Officer, LivQuik Technology (India) Private Limited, Unit No.206, B Wing, Supreme Business Park, Hiranandani Garden, Powai, Mumbai 400076 |
Pre-paid Payment Instruments | 08.08.2016 (Valid upto 30.09.2021) |
| 38. | Manappuram Finance Limited | The Chief Executive Officer, Manappuram Finance Limited, Manappuram House, P.O. Valappad, Thrissur, Kerala – 680 567 | Pre-paid Payment Instruments | 08.02.2017 (Valid upto 31.03.2022) |
| 39. | Mpurse Services Pvt. Ltd. | The Chief Executive Officer, Mpurse Services Pvt. Ltd., Pocket B-4, H. No. 38, Sector – 7, 2nd Floor, Rohini, North West Delhi, Delhi – 122 001 |
Pre-paid Payment Instruments known as ‘mpurse wallet’ | 30.06.2014 (Valid upto 30.06.2020) |
| 40. | Muthoot Vehicle & Asset Finance Ltd. | The Managing Director, Muthoot Vehicle & Asset Finance Ltd. 1st Floor, Cochin Dental Clinic Bldg. Market Road, Towards Kombara, Kochi 682 014 |
Pre-paid Payment Instruments e-wallet known as ‘Muthoot Money’ and m-wallet known as ‘Muthoot wallet’ | 29.10.2009 (Valid upto 31.12.2021) |
| 41. | Nucleus Software Exports Limited | The Chief Executive Officer, Nucleus Software Exports Limited, 33-35, Thyagraj Market, New Delhi – 110 003 | Pre-paid Payment Instruments known as ‘PaySe’ | 22.03.2017 (Valid upto 31.03.2022) |
| 42. | Obopay Mobile Technology India Private Limited | The Chief Executive Officer, Obopay Mobile Technology India Private Limited, #150, Diamond District, 6th Floor, Tower C, HAL Old Airport Road, Kodihalli, Bangalore – 560 008 |
Pre-paid Payment Instruments | 17.10.2017 (Valid up to 31.12.2022) |
| 43. | Ola Financial Services Pvt. Ltd. (formerly ZipCash Card Services Private Limited) |
The Director, ZipCash Card Services Pvt. Ltd., 323, Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West) Mumbai 400 080 |
Pre-paid Payment Instruments known as ‘Ola Money Wallet’ | 29.10.2009 (Valid upto 31.10.2023) |
| 44. | One Mobikwik Systems Private Limited | The Chief Executive Officer, One Mobikwik Systems Private Limited, 6th Floor, Good Earth Business Bay, Sector 58, Gurugram 122011, Haryana |
Pre-paid Payment Instruments known as ‘Mobikwik Wallet’ | 18.07.2013 (Valid upto 30.09.2020) |
| 45. | Oxigen Services (India) Pvt. Ltd. | The Chief Executive Officer, Oxigen Services (India) Pvt Ltd. 2nd Floor, Building 77 B, Shaheed Ripon Katyal Marg, Sector 18, Gurugram – 122015 |
Pre-paid Payment Instruments known as ‘Oxigen Wallets’ | 18.01.2010 (Valid upto 31.12.2020) |
| 46. | Paul Merchants Finance Private Limited (formerly Paul Fincap Pvt. Ltd.) | The Chief Executive Officer, Paul Merchants Finance Private Limited, Ground Floor SCO 829-830, Sector 22-A, Chandigarh 160 022 |
Pre-paid Payment Instruments known as ‘Paul Pay’ | 04.06.2015 (Valid upto 30.06.2020) |
| 47. | PayU Payments Private Limited | The Chief Executive Officer, 2nd Floor, P & G Plaza, Cardinal Gracious Road, Chakala, Andheri (East), Mumbai – 400099 |
Pre-paid Payment Instruments | 25.07.2016 (Valid upto 30.09.2021) |
| 48. | Pay Point India Network Private Limited | The Chief Executive Officer, Pay Point India Network Private Limited, 108-109, B-Wing, Everest Grande, Opp. Ahura Centre, Mahakali Road, Andheri (East), Mumbai 400093 |
Pre-paid Payment Instruments known as ‘Pay Pointz’ | 03.04.2012 (Valid upto 31.12.2020) |
| 49. | Phonepe Private Limited (formerly named as FX Mart Pvt. Ltd) | The Chief Executive Officer, Phonepe Private Limited, A 41, Mohan Cooperative Industrial Area, 2nd Floor, Main Mathura Road, South Delhi, New Delhi – 110 044 India |
Pre-paid Payment Instruments known as ‘PhonePe’ | 25.08.2014 (Valid upto 31.08.2022) |
| 50. | Pine Labs Private Limited | The Chief Executive Officer, Unitech Infospace, 2nd and 3rd Floor, Building – 2, Plot No. B2, Sector – 62, Noida – 201301 | Pre-paid Payment Instruments | 10.03.2017 (Valid upto 31.03.2022) |
| 51. | Premium eBusiness Ventures Private Limited | The Chief Executive Officer, Premium eBusiness Ventures Private Limited, 42, Navketan Industrial Estate, Mahakali Caves Road, Andheri (East) Mumbai 400 093 |
Pre-paid Payment Instruments | 18.12.2014 (Valid upto 31.03.2021) |
| 52. | QwikCilver Solutions Pvt. Ltd. | The Chief Executive Officer, QwikCilver Solutions Pvt. Ltd., No.111, 1st Floor, ‘Brigade Manae Court’, Industrial Layout, Koramangala, 5th Block, Bangalore – 560 095 |
Pre-paid Payment Instruments, Co-branded gift card known as ‘Issued by QwikCilver’ | 06.08.2013 (Valid upto 30.09.2020) |
| 53. | RapiPay Fintech Private Limited (formerly Virgosoft IT Services Private Limited) |
The Chief Executive Officer, RapiPay Fintech Pvt. Ltd. Flat No.912-A, Ansal Bhawan, 16, Kasturba Gandhi Marg,New Delhi – 110 044 |
Pre-paid Payment Instruments | 27.02.2017 (Valid upto 31.03.2022) |
| 54. | Smart Payment Solutions Pvt. Ltd. | The Chief Executive Officer, Smart Payment Solutions Pvt. Ltd. 6/35, WEA Karol Bagh, New Delhi 110 005. |
Pre-paid Payment Instruments known as ‘PayCash’ | 30.06.2010 (Valid upto 31.12.2020) |
| 55. | Sodexo SVC India Pvt. Ltd | The Chief Executive Officer, Sodexo SVC India Pvt. Ltd., Nesco Complex, Gate No. 3, Indabrator Building, Western Express Highway Goregaon (East); Mumbai 400063. |
Paper based vouchers known as Meal, Catering, Gift Gold, Gift Exclusive and Gift Advantage. Electronic based vouchers, gift passes known as Meal Card, Premium E Gift Exclusive E gift and Say Rewards | 25.08.2009 |
| 56. | Spice Money Limited | The Chief Executive Officer, Spice Money Limited, 19A & 19B, 4th Floor, Global Knowledge Park, Sector 125, Noida – 201301 |
Pre-paid Payment Instruments | 09.04.2015 (Valid up to 30.06.2020) |
| 57. | Transaction Analysts (India) Private Ltd. | The Chief Executive Officer, Transaction Analysts (India) Private Limited, D No 4, Sathyam Arcade, 1st Floor, 1st Phase, 100 Feet Road, BTM Layout 2nd Stage, Bangalore 560 076 |
Pre-paid Payment Instruments known as ‘Transaction Assured’ | 07.03.2014 (Valid upto 31.03.2022) |
| 58. | Transcorp International Limited | The Chief Executive Officer, Transcorp International Limited, Plot No 3, HAF Pocket, Sector 18A, Phase II, Dwarka, New Delhi. |
Pre-paid Payment Instruments | 26.08.2016 (Valid upto 30.09.2021) |
| 59. | TranServ Private Limited | The Chief Executive Officer, TranServ Private Limited, 1002-B, 10th Floor, Tower 1, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (W), Mumbai – 400 013 |
Pre-paid Payment Instruments known as ‘dhani pay’ | 22.02.2016 (Valid upto 31.03.2021) |
| 60. | Tri O Tech Solutions Private Ltd. | The Chief Executive Officer, Tri O Tech Solutions Private Limited, Plot No D- 50, 1st and 2nd Floor, Udyog Vihar, Phase V, Gurgaon – 122016 |
Pre-paid Payment Instruments | 18.01.2017 (Valid upto 31.03.2022) |
| 61. | Unimoni Financial Services Limited (formerly UAE Exchange & Financial Services Ltd.) | The Country Head- India, UAE Exchange & Financial Services Ltd., Third Floor, Airline Building Opp. Maharaja college Ground, M G Road, Kochi 682 011. |
Pre-paid Payment Instruments m-wallet known as ‘Unimoni’ | 29.10.2009 (Valid upto 31.10.2020) |
| 62. | Weizmann Impex Service Enterprise Limited | The Chief Executive Officer, Weizmann Impex Service Enterprise Ltd. 214, Empire House (Basement) Dr D N Road, Ent A K Nayak Marg, Fort, Mumbai – 400 001 |
Pre-paid Payment Instruments | 11.12.2015 (Valid upto 31.12.2020) |
| White Label ATM Operators | ||||
| 63. | AGS Transact Technologies Ltd. | The Chairman & Managing Director 601-602, B-wing, Trade World Kamala City, Senapati Bapat Marg Lower Parel (W) Mumbai 400 013 |
Installation and operation of WLAs | 30.06.2014 (Valid upto 30.06.2020) |
| 64. | BTI Payments Pvt. Ltd. | The Chief Executive Officer, BTI Payments Pvt. Ltd. Unit No. 801 to 810, 8th Floor, Tower “B”, Diamond District, #150, Old Airport Road, Bengaluru – 560008 |
Installation and operation of WLAs | 12.02.2014 (Valid upto 31.03.2021) |
| 65. | Hitachi Payment Services Pvt. Ltd. | The Managing Director, Hitachi Payment Services Pvt. Ltd., 3rd Floor, Silver Metropolis, Jai Coach Compound, Western Express Highway, Goregaon East, Mumbai 400 063. |
Installation and operation of WLAs known as ‘Money Spot’ |
25.11.2013 (Valid upto 31.12.2020) |
| 66. | Muthoot Finance Ltd. | The Managing Director, Muthoot Finance Ltd. 2nd Floor, Muthoot Chambers, Banerji Road, Kochi-682018, Kerala |
Installation and operation of WLAs | 30.01.2014 (Valid upto 30.09.2020) |
| 67. | RiddiSiddhi Bullions Limited | The Chief Executive Officer, RiddiSiddhi Bullions Limited – Bullion House, 115, TambaKatta, Opp. Dagina Bazar, Pydhonie, Mumbai- 400003 |
Installation and operation of WLAs | 15.05.2014 (Valid upto 31.05.2021) |
| 68. | SREI Infrastructure Finance Ltd., | The Chief Executive Officer, SREI Infrastructure Finance Ltd., Vishwakarma, 86C Topsia Road (South) Kolkata- 700046 |
Installation and operation of WLAs | 25.03.2014 (Valid upto 31.03.2019) |
| 69. | Tata Communications Payment Solutions Ltd. | The Chief Executive Officer; Tata Communications Payment Solutions Limited; Plot No. C- 21, B Block, Bandra Complex, Bandra East, Mumbai- 400098. |
Installation and operation of WLAs | 03.05.2013 (Valid upto 30.06.2020) |
| 70. | Vakrangee Limited | The Managing Director, Vakrangee Limited, Vakrangee House, Plot No 93, Road No. 16, M.I.D.C Marol, Andheri (East) Mumbai-400 093 |
Installation and operation of WLAs | 23.01.2014 (Valid upto 31.03.2021) |
| Instant Money Transfer | ||||
| 71. | Empays Payment Systems India Pvt. Ltd. | The Chief Executive Officer Empays Payment Systems India Pvt. Limited 216 The Empire Business Centre, Empire Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 |
Instant Money Transfer known as ‘IMT’ | 17.11.2014 (Valid upto 15.11.2024) |
| Trade Receivables Discounting System (TReDS) | ||||
| 72. | A.TREDS Limited | The Managing Director and Chief Executive Officer, 11th Floor, A3, Ashar IT Park, Road No 16Z, Wagle Industrial Estate, Thane(W)- 400 604 | TReDS system known as “INVOICEMART” | 29.06.2017 (Valid up to 30.06.2022) |
| 73. | Mynd Solutions Private Limited | The Director Mynd Solutions Private Limited –F-83, East of Kailash, New Delhi – 110 065 |
TReDS system known as Mynd Online National Exchange | 20.03.2017 (valid upto 31.03.2022) |
| 74. | Receivables Exchange of India Limited (RXIL) | The Managing Director & Chief Executive Officer Receivables Exchange of India Limited (RXIL) Trade Centre (Vatika Business Centre), First Floor (Unit No.02), Office No.14, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 |
TReDS system known as RXIL | 17.05.2017 (valid upto 30.06.2022)Note: The entity was granted approval to commence operations w.e.f 01.12.2016 |
| Bharat Bill Payment System (BBPS) | ||||
| Bharat Bill Payment Central Unit (BBPCU) | ||||
| National Payments Corporation of India | The Chief Executive Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra – Kurla Complex, Bandra (East), Mumbai-400 051. |
Bharat Bill Payment Central Unit (BBPCU) through a separate Strategic Business Unit to operate Bharat Bill Payment System (BBPS) | 26.07.2017 (Valid up to 30.09.2022) |
|
| Bharat Bill Payment Operating Units (BBPOUs) | ||||
| 75. | Infibeam Avenues Limited (formerly Avenues India Private Limited) | The Chief Executive Officer Infibeam Avenues Limited 28th Floor, GIFT Two Building, Block No.56, Road-5C, Zone-5 Gandhinagar – 382355. |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 17.10.2017 (Valid up to 31.12.2022) |
| 76. | CSC e – Governance Services India Ltd | The Chief Executive Officer CSC e – Governance Services India Ltd Electronics Niketan, 4th Floor, Ministry of Electronics & Information Technology 6 CGO Complex, Lodhi Road New Delhi – 110003 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 21.09.2017 (Valid up to 30.09.2022) |
| Euronet Services India Private Limited | The Chief Executive Officer Euronet Services India Private Limited I-Think Techno Campus, Office No 1 8th Floor, Wing A, Off Pokhran Road No. 2 Behind TCS, Eastern Express Highway Thane (W) – 400607 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 05.09.2017 (Valid up to 30.09.2022) |
|
| 77. | IndiaIdeas.com Limited | The Chief Executive Officer IndiaIdeas.com Limited 801, Supreme Chambers 17/18 Shah Industrial Estate Off Veera Desai Road Andheri (W), Mumbai 400 053 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 02.08.2017 (Valid up to 30.09.2022) |
| Ebix Payment Services Private Limited (formerly Itz Cash Card Limited) |
The Chief Executive Officer, Ebix Payment Services Private Limited 2nd Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai – 400 098 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 28.08.2017 (Valid up to 30.09.2022) |
|
| Oxigen Services (India) Pvt Ltd | The Chief Executive Officer, Oxigen Services (India) Pvt Ltd. Building No 94, Sector 32, Institutional Area, Gurugram, Haryana – 122001 | Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) |
12.10.2017 |
|
| Spice Money Limited | The Chief Executive Officer, Spice Money Limited, 19A & 19B, 4th Floor, Global Knowledge Park, Sector 125, Noida – 201301 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 22.08.2017 (Valid up to 30.09.2022) |
|
| 78. | Ingenico ePayments India Private Limited (formerly TechProcess Payment Services Limited) |
The Chief Executive Officer, TechProcess Payment Services Limited, 501, Jollyboard Towers, iThink Techno Campus, Kanjurmarg (East) Mumbai 400042 | Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) |
16.08.2017 |
| One Mobikwik Systems Private Limited | The Chief Executive Officer, One Mobikwik Systems Private Limited, 6th Floor, Good Earth Business Bay, Sector 58, Gurugram 122011, Haryana |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) |
24.01.2019 |
|
B. Certificates of Authorisation Revoked by the Reserve Bank of India in exercise of the powers conferred under the Payment and Settlement Systems Act, 2007
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Dates of Revocation (Date of Authorisation given in brackets) |
|---|---|---|---|---|
| 1. | Kaizen Automation Private Limited | The Director, Kaizen Automation Private Limited, B-601-602, Citi Point, Andheri Kurla Road, J. B. Nagar, Near Kohi-noor Continental Andheri (East), Mumbai – 400 059 |
Issuance of pre-paid cards known as ‘Go-Mumbai’ | Revocation order issued on 05.04.2011 (25.08.2009) |
C. Authorised entities whose Payment System operations have ceased
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Operations ceased from |
|---|---|---|---|---|
| 1. | Coinstar Money Transfer (Ireland) Limited, Ireland | The Chief Executive Officer, Coinstar Money Transfer (Ireland) Limited, Suite 404, 22/23, Pembroke Street Dublin 2, Republic of Ireland. |
Money Transfer Service – cross border in-bound service (customer to customer) | May 01, 2011 |
| 2. | Done Card Utility Limited | The Director, Done Card Utility Limited, 301, Linkway Estate, Near Chincholi Fire Station, New Link Road, Malad (West), Mumbai – 400064. |
Pre-paid payment instruments known as ‘Done Cards’ | November 01, 2013 |
| 3. | OSS Payment Solutions Pvt. Ltd. | The Chief Executive Officer, OSS Payment Solutions Pvt. Ltd.-103, 4th Floor, Aditya Industrial Estate, Behind Chincholi Fire Station, Near Evershine Mall, New Link Road, Malad (W) Mumbai 400 064. |
Pre-paid Payment instruments | January 01, 2014 |
| 4. | Flytech Aviation Limited | The Chief Executive Officer Flytech Aviation Limited H.No 1-8-303/33, 3rd floor Nagam towers, opp. NTR circle Police lines, Minister Road, Secunderabad Telangana – 500 003 |
Pre-paid Payment Instruments | June 30, 2019 |
| 5. | Y-Cash Software Solutions Private Limited | The Chief Executive Officer, Y-Cash Software Solutions Private Limited, VGR Essor, 3rd Floor, No 1140, 17th Cross, 7th Sector, H.S.R. Layout, Bangalore 560 102 Karnataka |
Pre-paid Payment Instruments m-wallet known as ‘Y-Pay Cash’ | September 30, 2019 |
| 6. | My Mobile Payments Limited | The Chief Executive Officer, My Mobile Payments Limited, MOM House, Plot No. 61, Ramchandra Lane, Kanchpada, Malad (West), Mumbai 400064 Maharashtra |
Pre-paid Payment Instruments known as ‘MOM’ | October 31, 2019 |
D. Entities whose Certificate of Authorisation to operate a Payment System have been cancelled on account of voluntary surrender by the entity
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Cancelled on | Remarks |
|---|---|---|---|---|---|
| 1. | Federal Bank Ltd. | Managing Director & CEO, Federal Bank Ltd. Corporate Office Federal Towers Post Box No. 103 Aluva – 68310, Kerala | ATM sharing with co-operative banks licensed by Reserve Bank under the BR Act, 1949 (AACS) | January 02, 2017 | Nil |
| 2. | UTI Infrastructure Technology and Services Ltd. | The Chief Executive Officer, UTI Tower, Plot No. 3, Sector 11, CBD Belapur, Navi Mumbai-400 614 |
Pre-paid Payment Instruments known as National Common Mobility Card (NCMC) | February 07, 2017 | Nil |
| 3. | Citrus Payment Solutions Pvt. Ltd. | The Chief Executive Officer, Citrus Payment solutions Pvt. Ltd., 302, Swati Building, North Avenue Road, Off Linking Road, Santa Cruz West, Mumbai 400 054 |
Pre-paid Payment Instruments known as ‘Citrus Cash’ | April 19, 2017 | Nil |
| 4. | Beam Money Private Limited nee Suvidha Starnet Pvt. Ltd. | The Chairman & Managing Director, Beam Money Private Limited, D-128-129, 402 Terrace Floor, Okhla Industrial Area, Phase-I, New Delhi -110 020. |
Pre-paid payment instruments known as ‘Beam Money’ | May 04, 2017 | Customers or merchants having a valid claim, if any, on M/s Beam Money Private Limited, as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation i.e.upto 03.05.2019 |
| 5. | Atom Technologies Limited | The Chief Executive Officer; Atom Technologies Limited, 4th Floor FT Towers, CTS 256 & 257, Suren Road, Chakala, Andheri (E), Mumbai -400093. |
Pre-paid payment instruments known as ‘Atom Wallet’ and ‘Aquapay’ | July 4, 2017 | Customers or merchants having a valid claim, if any, on M/s Atom Technologies Limited, as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation i.e.upto 03.07.2019 |
| 6. | Buyindiaonline.com Inc., USA | The Chief Executive Officer, Buyindiaonline.com Inc.,425, Market Street, 12th floor, San Francisco, CA, 94105, USA. |
MTSS – cross border in-bound service (customer to customer) | July 31, 2017 | Nil |
| 7. | PayMate India Pvt. Limited | The Managing Director and CEO PayMate India Pvt. Limited, 111, 1st Floor, A- Wing, Sundervilla, SV Road, Santacruz (W), Mumbai 400 054 |
Pre-paid payment instruments known as ‘Paymate Wallet’ | August 23, 2017 | Nil |
| 8. | Bajaj Finance Limited | The Chief Executive Officer, Bajaj Finance Limited, 4th Floor, Bajaj Finserv Corporate Office, Off. Pune-Ahmednagar Road, Viman Nagar, Pune – 411014 | Pre-paid Payment Instruments | February 20, 2018 | Nil |
| 9. | Freecharge Payment Technologies Private limited (previously Klickpay Payment Services Private Limited) | The Chief Executive Officer, Freecharge Payment Technologies Private Limited, 362-363, ASF Centre, Udyog Vihar Phase – IV, Sector – 18, Gurgaon – 122016, Haryana |
Pre-paid Payment Instruments | April 10, 2018 | Nil |
| 10. | Yeldi Softcom Private Limited | The Chief Executive Officer, Yeldi Softcom Private Limited, AJ-227 (Old No AJ-08), Shanthi Colony Main Road, Anna Nagar, Chennai – 600040 | Pre-paid Payment Instruments | May 15, 2018 | Nil |
| 11. | The Shamrao Vithal Co-operative Bank Ltd. | The Chief Executive Officer; The Shamrao Vithal Co-operative Bank Ltd.; SVC Tower, Jawaharlal Nehru Road Vakola–Santacruz (East), Mumbai – 400 055. |
SVC Cache 24 Insta ATM Sharing Arrangement | April 10, 2018 | Nil |
| 12. | Tech Mahindra Limited (Earlier CanvasM Technologies Ltd. was performing this activity) |
The Chief Executive Officer, Tech Mahindra Limited, A- 20, Sector 60, Noida 201 301 |
Pre-paid Payment Instruments (m-wallet) known as ‘MoboMoney’ | August 28, 2018 | Customers or merchants having a valid claim, if any, on M/s Tech Mahindra Limited, as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation i.e. upto 27.08.2020 |
| 13. | MMP Mobi Wallet Payment Systems Limited | The Chief Executive Officer, MMP Mobi Wallet Payment Systems Ltd.; A, E & F Blocks Voltas Premises, T B Kadam Marg, Chinchpokli, Mumbai 400 033 |
Pre-paid Payment Instruments known as ‘mRupee’ | November 14, 2018 | Customers or merchants having a valid claim, if any, on M/s MMP Mobi Wallet Payment Systems Limited, as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation i.e. upto 13.11.2020 |
| 14. | Supreme Securities Limited | The Chief Executive Officer, Supreme Securities Limited, 3rd Floor, R.D.Chambers, 16/11, Arya Samaj Road, Karol Bagh, New Delhi |
Pre-paid Payment Instruments | August 02, 2019 | Customers or merchants having a valid claim, if any, on M/s Supreme Securities Limited, as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e. upto 01.08.2022 |
| 15. | Vodafone m-pesa Limited (Earlier Mobile Commerce Solutions Ltd. was performing this activity) |
The Chief Executive Officer, Vodafone m-pesa Limited, 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli Mumbai – 400030 Maharashtra |
Pre-paid Payment Instruments known as ‘Vodafone M-pesa’ | September 30, 2019 | Customers or merchants having a valid claim, if any, on M/s Vodafone m-pesa Limited, as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e. upto 30.09.2022 |
E. Entities whose Certificate of Authorisation to operate a Payment System have been cancelled as per regulatory requirement
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Cancelled on | Remarks |
|---|---|---|---|---|---|
| 1. | Airtel M Commerce Services Ltd. | The Chief Executive Officer; Airtel M Commerce Services Ltd. Airtel Center, Plot No. 16, 6th Floor, Udyog Vihar, Phase -4, Gurgaon Haryana – 122001. |
Pre-paid payment instruments known as Stored Value Card Wallet (SCW) ‘Airtel Money’ | 8.3.2017 | The entity has converted to Airtel Payments Bank Limited (APBL) which has been permitted to continue the PPI business. |
| 2. | One97 Communications Ltd. | The Chief Executive Officer, One97 Communications Ltd., B- 121, Sector 5, Noida, 201 301 Uttar Pradesh |
Mobile based Pre-paid Payment Instruments m- Wallet known as ‘Paytm wallet’ | 25.07.2017 | The entity has transferred its PPI business (Paytm wallet) to Paytm Payments Bank Limited (PPBL) as permitted by RBI. |
| 3. | Fino Paytech Ltd. (Earlier Alpha Payment Services India Pvt. Ltd.(erstwhile Nokia Mobile Payment Services India Pvt. Ltd.) was performing this activity) | The Chief Executive Officer, FINO Paytech Ltd., Shree Sawan Knowledge Park, 2nd Floor, D 507 TTC Indl. Area MIDC Turbhe, Navi Mumbai |
Pre-paid Payment Instruments | 06.10.2017 | The entity has transferred its PPI business to the FINO Payments Bank Ltd as permitted by RBI. |
| 4. | Idea Mobile Commerce Services Ltd. | The Chief Executive officer, Idea Mobile Commerce Services Ltd., 5th Floor, “Windsor”, Off C.S.T. Road, Kalina, Santacruz (East), Mumbai 400 098 |
Pre-paid Payment Instruments known as ‘Idea Money’ | 13.05.2018 | The entity has transferred its PPI business to the Aditya Birla Idea Payments Bank Ltd as permitted by RBI. |
| 5. | Reliance Payment Solution Limited | The Chief Executive Officer, Reliance Payment Solution Limited, 5th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai 400 002 |
Pre-paid Payment Instruments known as ‘Jio Money’ | 31.05.2018 | The entity has transferred its PPI business to the Jio Payments Bank Ltd as permitted by RBI. |
F. Entities whose Certificate of Authorisation to operate a Payment System is under process of cancellation as per regulatory requirement/Voluntary Surrender
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Remarks |
|---|---|---|---|---|
| 1. | Pyro Networks Pvt. Ltd. | The Chief Executive Officer, Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92, Jubilee Hills, Hyderabad-500033, Andhra Pradesh |
Pre-paid Payment Instruments m-wallet known as ‘SpeedPay’ | 30.01.2014 (Valid upto 31.03.2019) |
