In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007 (51 of 2007), the Reserve Bank of India has carried out amendments to regulation 5, regulation 6 (2) and the ‘schedule’ to regulation 5 of the Payment and Settlement Systems Regulations, 2008 (PSS Regulations). The amendments are carried out with the objective of reducing the compliance burden on Regulated Entities (REs) by rationalising certain returns prescribed in the PSS Regulations.
With this amendment, certain monthly / quarterly / annual returns prescribed in sub-regulations (a) to (g) of regulation 6 (2) have been discontinued and redundant operational guidelines listed in the ‘schedule’ to regulation 5 have been removed. The updated document, ‘Payment and Settlement Systems Regulations, 2008, as amended up to February 10, 2022’ can be accessed here.
Chief General Manage