The International Financial Services Centres Authority (IFSCA) on October 27, 2026, issued a circular regarding Financial Soundness Criteria applicable to existing PSO(s) and the Applicant(s) desirous of commencing a Payment System.
The following has been stated: -
•The International Financial Services Centres Authority (IFSCA) has prescribed financial soundness criteria for existing Payment System Operators (PSOs) and applicants intending to commence payment systems in International Financial Services Centres (IFSCs).
•Existing PSOs must comply with the criteria within six months from the circular’s issuance and submit a statutory auditor’s compliance certificate annually by September 30.
•PSOs acting as Trade Repositories must also submit the prescribed half-yearly computation.
•New applicants must submit a statutory auditor’s certificate confirming compliance along with their application.
•The circular also defines net worth and clarifies the conditions applicable to compulsorily convertible preference shares, and takes effect immediately.
[Circular No.: e.F.No. IFSCA-FMPP0BR/12/2023-Banking-Part(2)]
