The Reserve Bank of India (RBI) on November 28, 2025 issued the Reserve Bank of India (Payments Banks – Miscellaneous) Directions, 2025, aimed at consolidating various operational, administrative, and regulatory aspects for Payments Banks. The Directions are applicable to all Payments Banks and cover key areas including Board-approved policies, depositor education, regulatory compliance, financial conduct, taxation, human resources, and operational procedures. These Directions are effective immediately upon issuance.
The Directions provide detailed provisions for the Depositor Education and Awareness (DEA) Fund, including definitions, credits, refunds, interest computation, procedural and registration guidelines, and claims settlement. Payments Banks are required to transfer unclaimed amounts and balances from inoperative accounts to the Fund and ensure proper registration on the e-Kuber system. Refunds to depositors or legal heirs are to be facilitated along with interest, and reimbursement processes from the Fund are outlined, including treatment of amounts covered and not covered by DICGC insurance in cases of bank liquidation.
Additionally, the Directions prescribe Board responsibilities for policy approvals, key reviews, compliance with legal and regulatory requirements (including FATCA registration), financial conduct restrictions, HR practices such as mandatory leave and certifications, and accounting and operational obligations. The framework emphasizes transparency, depositor protection, and governance oversight, ensuring Payments Banks operate in alignment with RBI norms while safeguarding customer interests.
These Directions shall come into force with immediate effect.
[Notification No. RBI/DOR/2025-26/221 DOR.SOG(SPE).REC.No.140/13-04-001/2025-26]
