Reserve Bank of India issues Master Directions on Authorisation to operate a Payment System
Payment System Operators must comply immediately with a consolidated RBI Master Directions on authorisation that consolidates prior circulars and guidelines
Change
On 15 June 2026, the Reserve Bank of India issued Master Directions on Authorisation to operate a Payment System consolidating prior circulars and guidelines, effective immediately.
Why it matters
The Master Directions consolidates prior RBI instructions on net‑worth computation, voluntary surrender of Certificates of Authorisation, on‑tap authorisation, cooling periods, perpetual CoA validity and investment rules for FATF non‑compliant jurisdictions. Payment System Operators must align compliance documentation and internal authorisation processes to the consolidated directions as the authoritative requirement, effective immediately.
Implications
- — Payment System Operators must update authorisation compliance manuals, operating procedures and reference citations to match the consolidated Master Directions — failure to update will leave operational references inconsistent with RBI's authoritative requirements.
- — Compliance and legal teams at regulated payment‑system entities must reconcile existing Certificate of Authorisation conditions, net‑worth calculations and investment‑eligibility rules against the Master Directions — failure to reconcile creates regulatory compliance gaps.
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