Payment service provider authorisation requires regulatory eligibility, nodal banking arrangements, ongoing disclosure, and compliance with modifiable conditions. Eligible Payment Service Providers may receive a Certificate of Authorisation subject to conditions determined by the Authority. The certificate remains ... Summary
Referred In :
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Payment service provider authorisation requires regulatory eligibility, nodal banking arrangements, ongoing disclosure, and compliance with modifiable conditions.
Eligible Payment Service Providers may receive a Certificate of Authorisation subject to conditions determined by the Authority. The certificate remains valid unless revoked or surrendered. Providers may be required to maintain a specified security deposit, identify an IFSC Banking Unit or IFSC Banking Company as Nodal Bank with its concurrence, and disclose material changes in previously furnished information. Conditions for commencing or carrying on Payment Services may be modified.
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