RBI also frames guidelines for self-regulatory organisation for
payment system operators.
The Reserve
Bank of India (RBI) on Thursday said payment system operators (PSOs) who
use proprietary QR codes have to shift to one or more interoperable QR codes by
March 31, 2022. It also said PSOs cannot issue any new proprietary QR codes for
transactions, henceforth.
There are two interoperable QR codes at present — UPI QR and Bharat QR. RBI
said it will continue consultations over standardising and improving these
interoperable QR codes, to enable beneficial features identified by the Phatak
Committee. “The measures are expected to reinforce the acceptance
infrastructure, provide better user convenience due to interoperability and
enhance system efficiency,” RBI said.
Guidelines for
SRO
RBI also finalised
the guidelines for a self-regulatory
organisation (SRO) for PSOs to encourage better compliance and to protect
customers.
The SRO will be
set up as a not-for-profit company under the companies Act, and RBI has asked
interested groups and associations of PSOs to apply for this. “While
self-regulation would release regulatory resources that can be better focused
on issues of systemic importance, it would, by virtue of being developed by the
industry itself, be more appropriate and encourage better compliance. As the
industry is forced to think in terms of developing systems that conform to best
international practices, it would enhance global competitiveness,” RBI said.
The board of the
Business Correspondent Federation of India (BCFI), which represents companies
working towards delivering financial services to underbanked and unbanked
citizens, has moved to form a SRO, which is pending RBI’s approval.
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