MP High Court: Estranged Husband Entitled to Loss of Consortium Compensation After Wife’s Death  ||  J&K & Ladakh HC: Claims under Roshni Act Void Ab Initio, Ownership Rights Null from Inception  ||  Madras High Court Directs Expedited Trials in 216 Pending Criminal Cases Against MPs and MLAs  ||  MP High Court: Allowing Minor to Drive Without Valid License Constitutes Breach of Insurance Policy  ||  Punjab & Haryana High Court: Cyber Fraud Cases Uphold Public Trust, Cannot Be Quashed by Compromise  ||  SC: Customer-Banker Relationship Based on Mutual Trust, Postmaster’s Reinstatement Quashed  ||  Supreme Court: Company Buying Software for Efficiency and Profit Is Not a ‘Consumer’ under CPA  ||  SC: Long Custody or Trial Delay Not Ground for Bail in Commercial Narcotic Cases if S.37 Unmet  ||  Calcutta HC Disqualifies Politician Mukul Roy from Assembly under Anti-Defection Law  ||  Supreme Court Bans Mining in and Around National Parks and Wildlife Sanctuaries    

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