The Reserve Bank of India (RBI), on April 23, 2026, released Frequently Asked Questions (FAQs) on the authorisation process under the Payment and Settlement Systems (PSS) Act, 2007. The FAQs clarify that a “payment system” includes mechanisms enabling transactions between payer and beneficiary (such as card networks and money transfer systems), and that only RBI or RBI-authorised entities can operate such systems. Applications must be submitted through the PRAVAAH portal using Form A along with prescribed documents and a fee of ₹10,000 plus GST.
The FAQs outline key eligibility conditions such as incorporation under the Companies Act, alignment of business objects in the Memorandum of Association, compliance with FDI norms (if applicable), and “fit and proper” status of promoters and management. The process involves multiple stages including preliminary scrutiny, detailed evaluation, grant of In-Principle Authorisation (IPA), submission of a System Audit Report (SAR), and final grant of Certificate of Authorisation (CoA). The IPA is valid for six months (extendable once), and operations can begin only after CoA is granted.
The document also explains compliance requirements and consequences, including penalties for incorrect information, and distinguishes between return and refusal of applications. While returned applications can be resubmitted after rectification, refused applications attract a one-year cooling-off period. It also provides guidance on appeals, fee payment, tracking application status via the PRAVAAH portal, and references to RBI’s Citizens’ Charter for timelin
