As announced in the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated February 6, 2020, the Reserve Bank hereby places a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs).

The SRO shall cover operators in all segments of payment systems and will be expected to observe best practices on security, customer protection and competitiveness. The SRO shall serve as a two-way communication channel between the PSOs and Reserve Bank and work towards establishing minimum benchmarks and standards in the payments space, apart from helping disciplined behaviour by members.

The framework is placed for public comments which may be forwarded through email so as to reach on or before September 15, 2020.

(Yogesh Dayal)     
Chief General Manager

Self-Regulatory Organisation recognition framework: draft sets SRO role for payment system operators and invites stakeholder comments. A draft framework proposes recognition of an industry association as a Self-Regulatory Organisation for Payment System Operators, covering all payment system segments to establish minimum benchmarks and standards on security, customer protection and competitiveness. The SRO is intended to act as a two-way communication channel between PSOs and the monetary authority, promote best practices and disciplined member behaviour, and the draft invites public comments to inform finalisation.