.png "RBI Issues Master Directions on Authorisation to Operate a Payment System")
- They consolidate fragmented circulars (2015–2021) into a single framework for PSO authorisation.
- Purpose: Streamline authorisation, strengthen governance, ensure financial soundness, and promote ease of doing business in India’s payments ecosystem (UPI, cards, wallets, PPIs).
- On‑Tap Authorisation: Applications anytime via PRAVAAH portal; eligibility = Companies Act incorporation, net‑worth norms, and “fit & proper” criteria for promoters.
- Perpetual Validity: CoA granted perpetually, subject to compliance; RBI retains power to restrict/revoke.
- Investment Restrictions: No fresh investments from FATF non‑compliant jurisdictions to prevent undue influence.
- Voluntary Surrender & Cooling Period: Structured exit process; one‑year cooling‑off for rejected/revoked/surrendered entities.
- Applicability: New applicants + existing PSOs; prior approvals deemed valid under new Directions.
Question:
Q.1 What is the name of the RBI portal through which payment system authorisation applications can be submitted?a) e-Kuber
b) PRAVAAH
c) Sarthi
d) FinNet
Answer: b) Under the new framework, entities can apply for authorisation at any time through RBI's PRAVAAH portal.
