The International Financial Services Centres Authority (IFSCA) on April 10, 2026, issued a circular regarding the requirements for Payment Service Providers entering into a Rupee Drawing Arrangement (RDA).
The following has been stated: -
•Circular requires Payment Service Providers (PSPs) to obtain prior approval before participating in Rupee Drawing Arrangement (RDA) schemes.
•Applies when PSPs act as non-resident Exchange Houses under RBI’s RDA framework.
•PSPs must submit detailed compliance frameworks for AML, CFT, and KYC as per IFSC regulations.
•Ensures adherence to guidelines issued by the International Financial Services Centres Authority and relevant laws.
•Issued under the International Financial Services Centres Authority Act, 2019, and is effective immediately
[Circular No.: e.F.No. IFSCA-FMPP0BR/3/2023-Banking 2026-27/01]
