RBI Update: Requirement for obtaining prior approval in case of takeover/acquisition of control of non-bank PSOs and sale/transfer of payment system activity of non-bank PSO

The operations of non-bank PSOs (authorised to operate any Payment System) have been reviewed and they shall require prior approval of RBI in the following cases –

Takeover / Acquisition of control, which may / may not result in change of management.

Sale / Transfer of payment activity to an entity not authorised for undertaking similar activity

The non-bank PSOs shall inform RBI within 15 calendar days in the following cases

Change in management / directors.

Sale / Transfer of payment activity to an entity authorised for undertaking similar activity.

For further : View Circular