Author Archives: Vijayashankar Na

It was brought to my attention yesterday that an IT professional in Bangalore had ordered a Mac Air Book online and made payments to two individuals having accounts in SBI Aizwal and SBI , IIT Powai branches. It appears from the … Continue reading →

As India is taking more and more digital initiatives in E Commerce, E Banking and now the Digital Payment mechanisms, there is an increasing fear that Cyber Crimes will continue to grow. In the recent times, Cyber Crimes are also … Continue reading →

The Payment Instruments industry which consists of many of the mobile wallet operators have raised objection to the recent Master Guidelines issue by RBI on several counts such as a) KYC requirement made more or less mandatory for all Semi … Continue reading →

Under the Master Directions for PPIs (MD-PPI), three types of PPIs are recognized namely a) Closed System PPIs b) Semi-Closed System PPIs c) Open System PPIs Closed System PPIs are those PPIs  which are issued by an entity for facilitating the purchase … Continue reading →

The Prepaid Instrument Eco System in India under the Payment and Settlements Act 2007 has licensed several “Payment System Operators” under the Act. The list of such operators is available here. The list consists of Two Financial Market Infrastructure operators … Continue reading →

On 11th October 2017, RBI came out with a comprehensive “Master Direction” applicable to all Prepaid Payment Instrument Issuers, System Providers and System participants. This was mainly a consolidation of all earlier guidelines. However, it appears that some of the … Continue reading →