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The central bank, however, did not specify the name of the card network.
“It has come to the notice of
“On closer scrutiny, it was observed that this arrangement qualified as a payment system. Under the provisions of Payment and Settlement Systems (PSS) Act, 2007, such payment system requires authorization under Section 4 of PSS Act, which has not been obtained in the instant case. The activity was, therefore, without legal sanction,” it added.
The central bank further said, “The arrangement has also raised following concerns:
i) The intermediary in the above arrangement pooled large amount of funds into an account which is not a designated account under PSS Act and; ii) Transactions processed under this arrangement did not comply with the originator and beneficiary information requirements, as stipulated under Master Direction on KYC issued by the Reserve Bank.”
The RBI further stated that only one card network has operationalized this arrangement in the country so far.
“As the matter is under detailed examination, the Card Network has been advised to keep all such arrangements under abeyance, till further orders,” it said.
Meanwhile, the central bank also clarified that it has not placed any restriction with respect to normal usage of business credit cards. (ANI)
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