Supreme Court: Imminent Death Not Required For a Statement to Qualify as Dying Declaration  ||  SC: HC Cannot Grant Pre-Arrest Bail Without Quashing FIR; Accused Must Approach Sessions Court First  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract  ||  SC: GST Exemption on Residential Lease Applies When Building is Sub-Leased for Hostel/PG Use  ||  Rajasthan High Court: Universities Cannot Retain Students’ Original Documents for Pending Fees  ||  NCLT: Damages from Contractual Disputes Cannot Form Basis for Initiating Insolvency Proceedings  ||  Del HC: Pre-SCN Consultation is Unnecessary in Large-Scale GST Fraud Cases with Complex Transactions  ||  Calcutta HC: Unilaterally Appointed Arbitrator Violates Natural Justice and Sets Aside the Award  ||  Raj HC Upholds Padmesh Mishra’s AAG Appointment, Noting Advocacy Skill isn’t Tied to Experience    

Maintenance of Escrow Account with a Scheduled Commercial Bank- (Reserve Bank of India) (17 Nov 2020)

MANU/RMIC/0157/2020

Banking

1. A reference is invited to the instructions issued by Reserve Bank of India vide (a) DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (updated as on February 28, 2020) on 'Issuance and Operation of Prepaid Payment Instruments (PPIs)'; and (b) DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 on 'Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs)'.

2. An authorised PPI Issuer or a PA is required to maintain an escrow account with a scheduled commercial bank on an ongoing basis. With a view to diversify risk and address business continuity concerns, it has been decided to allow one additional escrow account in a different scheduled commercial bank. The relevant instructions are being modified as per Annex 1 and 2 to this circular.

3. These directions are issued under Secti

on 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007.

Tags : MAINTENANCE   ESCROW ACCOUNT   SCHEDULED COMMERCIAL BANK  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved