Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments

Last updated: 02 March 2021

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The Reserve Bank of India (RBI) has extended the deadline for entities wishing to apply for authorisation as a pan-India umbrella entity for retail payments. The original deadline was February 26, 2021, but has now been moved to March 31, 2021. This extension is in response to requests from stakeholders, acknowledging disruptions caused by COVID-19.

Reserve Bank of India

Date : Feb 26, 2021

Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021.

2. Requests have been received from various stakeholders including Indian Banks’ Association for extending the timeline, keeping in view the COVID-19 related disruptions and inconveniences. It has been accordingly decided to extend the timeline for making the application up to March 31, 2021.

Ajit Prasad
Director

Press Release: 2020-2021/1161

FAQ :

The deadline for applications has been extended to March 31, 2021.

The deadline has been extended due to requests from stakeholders, citing COVID-19 related disruptions and inconveniences.

The framework was released on August 18, 2020.

The original deadline for applications was February 26, 2021.

Notification No : PR : 2020-2021/1161
Source : https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=51188

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