{"id":21395,"date":"2024-08-01T11:24:37","date_gmt":"2024-08-01T05:54:37","guid":{"rendered":"https:\/\/www.zigram.tech\/?p=18708"},"modified":"2024-08-17T15:00:38","modified_gmt":"2024-08-17T15:00:38","slug":"rbi-fines-three-payment-system-operators-for-kyc-and-regulatory-failures","status":"publish","type":"post","link":"https:\/\/testv2.zigram.tech\/rbi-fines-three-payment-system-operators-for-kyc-and-regulatory-failures\/","title":{"rendered":"RBI Fines Three Payment System Operators For KYC And Regulatory Failures"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21395\" class=\"elementor elementor-21395\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3d8c34a2 singleResourcesSection newSingleinsightsSectioncontent elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" 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data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29da3c45 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"29da3c45\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.zigram.tech\/articles\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"> <\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1ef60442 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ef60442\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-1d4a497e\" data-id=\"1d4a497e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-15b9273a readtime elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"15b9273a\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-clock\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8zm0 448c-110.5 0-200-89.5-200-200S145.5 56 256 56s200 89.5 200 200-89.5 200-200 200zm61.8-104.4l-84.9-61.7c-3.1-2.3-4.9-5.9-4.9-9.7V116c0-6.6 5.4-12 12-12h32c6.6 0 12 5.4 12 12v141.7l66.8 48.6c5.4 3.9 6.5 11.4 2.6 16.8L334.6 349c-3.9 5.3-11.4 6.5-16.8 2.6z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">7 minutes read<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43b51e68 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"43b51e68\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">RBI Fines Three Payment System Operators For KYC And Regulatory Failures<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cebd5ea elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"cebd5ea\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-cb4335c\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/testv2.zigram.tech\/2024\/08\/01\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>August 1, 2024<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9293471   elementor-widget elementor-widget-text-editor\" data-id=\"9293471\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>On July 26, 2024, The Reserve Bank of India (RBI) imposed monetary <a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=58382\" target=\"_blank\" rel=\"noopener\">penalties<\/a> on three payment system operators for non-compliance with regulatory guidelines. The RBI&#8217;s actions, based on powers under Sections 30 and 31 of the Payment and Settlement Systems Act, 2007, highlight deficiencies in regulatory compliance. However, these penalties do not comment on the validity of any transactions or agreements between the entities and their customers.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27530dd7 singleImgshadow  ctsingleimg elementor-widget__width-initial elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"27530dd7\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"768\" src=\"https:\/\/testv2.zigram.tech\/wp-content\/uploads\/2024\/08\/Designer-42-1-768x768.png\" class=\"attachment-medium_large size-medium_large wp-image-21397\" alt=\"RBI Fines Three Payment System Operators For KYC And Regulatory Failures\" srcset=\"https:\/\/testv2.zigram.tech\/wp-content\/uploads\/2024\/08\/Designer-42-1-768x768.png 768w, https:\/\/testv2.zigram.tech\/wp-content\/uploads\/2024\/08\/Designer-42-1-300x300.png 300w, https:\/\/testv2.zigram.tech\/wp-content\/uploads\/2024\/08\/Designer-42-1-150x150.png 150w, https:\/\/testv2.zigram.tech\/wp-content\/uploads\/2024\/08\/Designer-42-1.png 1024w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e941c7e elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"e941c7e\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><p class=\"elementor-image-box-description\"><ul class=\"cus_li\">\n<li>Name \u2013 <a href=\"https:\/\/app.amlpenalties.com\/event\/EV17051E454871\" target=\"_blank\">Manappuram Finance Limited<\/a><br>\nFine \u2013 INR 41,50,000<br>\nReason \u2013 Non-compliance with regulatory guidelines, non-compliance with certain directions of the Know Your Customer (KYC) guidelines.<\/li><br>\n<li>Name \u2013 <a href=\"https:\/\/app.amlpenalties.com\/event\/EV394A5DFDABE9\" target=\"_blank\">Ola Financial Services Pvt. Ltd.<\/a><br>\nFine \u2013 INR 33,40,000 + INR 54,15,000<br>\nReason \u2013 Non-compliance with regulatory guidelines, non-compliance with certain directions of the Know Your Customer (KYC) guidelines<br>Contravention of certain provisions contained in the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021\n<\/li><br>\n<li>Name \u2013 Visa Worldwide Pte. Limited<br>\nFine \u2013 INR 24,074,000<br>\nReason \u2013 Non-compliance with regulatory guidelines<\/li><br>\n<\/ul><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb31899   elementor-widget elementor-widget-text-editor\" data-id=\"bb31899\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Manappuram Finance Limited and Ola Financial Services Pvt. Ltd. were found non-compliant with the <a href=\"https:\/\/rbi.org.in\/CommonPerson\/english\/scripts\/notification.aspx?id=2607\" target=\"_blank\" rel=\"noopener\">RBI&#8217;s KYC requirements<\/a>. Consequently, the RBI issued notices to these entities, requiring them to show cause as to why penalties should not be imposed for their non-compliance. After reviewing their written responses and oral submissions during the personal hearing, the RBI concluded that the charges of non-compliance were substantiated, justifying the imposition of monetary penalties. Additionally, Ola Financial Services Pvt. Ltd. reported instances of shortfall in the balance of its escrow account and filed an application for compounding this violation. After analyzing the compounding application and considering the oral submissions made during the hearing, the RBI determined that the contravention could be compounded.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cb804e1   elementor-widget elementor-widget-text-editor\" data-id=\"cb804e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Visa Worldwide Pte. Limited implemented a payment authentication solution without obtaining regulatory clearance from the RBI. Consequently, the RBI issued a notice to the entity, requiring it to show cause as to why a penalty should not be imposed for this non-compliance. In response, Visa Worldwide filed an application for compounding the violation. After reviewing the compounding application and considering the oral submissions made during the personal hearing, the RBI determined that the contravention could be compounded.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-987cf58   elementor-widget elementor-widget-text-editor\" data-id=\"987cf58\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>Related Reads:<\/em><\/p><p><em><a href=\"https:\/\/www.zigram.tech\/blog\/anti-money-laundering-aml-requirements-for-payment-processors-in-2024\/\" target=\"_blank\" rel=\"noopener\">Anti-Money Laundering (AML) Requirements For Payment Processors In 2024<\/a><\/em><br \/><em><a href=\"https:\/\/www.zigram.tech\/blog\/rbis-regulations-for-payment-aggregators\/\" target=\"_blank\" rel=\"noopener\">RBI\u2019s Regulations for Payment Aggregators: Fintechs Prepare for Compliance Surge<\/a><\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-426f7f5 elementor-widget elementor-widget-heading\" data-id=\"426f7f5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What Are The Compliance Necessities For Payment System Operators In India?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18b8bd7 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"18b8bd7\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">1- Data Localization<\/h5><p class=\"elementor-image-box-description\">Payment system operators in India are mandated to store all data related to their payment systems within the country. This requirement encompasses end-to-end transaction details, including payment instructions, transaction logs, and related customer information. The objective is to enhance data security and sovereignty by ensuring that sensitive information does not cross international borders. The RBI's guidelines on data localization aim to facilitate effective monitoring, enforce data privacy standards, and respond swiftly to any regulatory inquiries or security breaches.\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6008291 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"6008291\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">2- Regulatory Reporting<\/h5><p class=\"elementor-image-box-description\">Payment system operators must adhere to rigorous reporting standards established by the Reserve Bank of India (RBI). This includes submitting detailed reports on transaction volumes, transaction values, types of transactions, fraud incidents, and other critical operational metrics. Regular reporting ensures that the RBI can continuously monitor the health of the payment ecosystem, detect trends or anomalies, and enforce regulatory compliance. Operators are required to provide periodic updates and real-time alerts for any significant deviations or security concerns.\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea53c36 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"ea53c36\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">3- Customer Protection and Dispute Resolution<\/h5><p class=\"elementor-image-box-description\">A robust framework for customer protection and dispute resolution is essential for payment system operators. Operators must establish effective mechanisms for handling customer complaints and resolving disputes promptly. This involves setting up transparent communication channels, providing clear guidelines for escalation, and ensuring that issues are addressed within defined timelines. Operators must also implement procedures for compensating customers in cases of fraud or service failures, and maintain a record of complaints and their resolution to ensure accountability and continuous improvement.\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96df5ed elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"96df5ed\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">4. Cybersecurity Framework<\/h5><p class=\"elementor-image-box-description\">To safeguard against data breaches and cyber-attacks, payment system operators are required to implement a comprehensive cybersecurity framework. This includes conducting regular security audits, vulnerability assessments, and penetration testing to identify and mitigate potential risks. Operators must follow the RBI\u2019s IT framework guidelines, which outline best practices for data protection, encryption, and secure software development. Additionally, operators should have incident response plans in place to address any breaches or attacks swiftly and effectively.\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8eb80ec elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"8eb80ec\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">5. Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance<\/h5><p class=\"elementor-image-box-description\">Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations is critical for payment system operators. They must carry out thorough customer due diligence to verify the identities of their clients, including collecting and validating identification documents. Operators are required to monitor transactions for suspicious activities, such as unusual patterns or large transactions that may indicate money laundering or terrorist financing. Any suspicious transactions must be reported to the Financial Intelligence Unit (FIU-IND). Additionally, operators must maintain comprehensive records of transactions and customer interactions to support ongoing monitoring and regulatory audits.\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f76d24c   elementor-widget elementor-widget-text-editor\" data-id=\"f76d24c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>Related Reads:<\/em><\/p><p><em><a href=\"https:\/\/www.zigram.tech\/blog\/the-power-of-regtech-in-automating-kyc-and-aml-compliance\/\" target=\"_blank\" rel=\"noopener\">The Power Of RegTech In Automating KYC And AML Compliance<\/a><\/em><br \/><em><a href=\"https:\/\/www.zigram.tech\/blog\/best-practices-to-incorporate-in-an-aml-compliance-program\/\" target=\"_blank\" rel=\"noopener\">Best Practices To Incorporate In An AML Compliance Program<\/a><\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40d11d0 elementor-widget elementor-widget-heading\" data-id=\"40d11d0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What Are The AML\/KYC Guidelines For Payment Operators In India?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b3caa3 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"8b3caa3\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">Regulatory Framework & Reporting<\/h5><p class=\"elementor-image-box-description\">Payment processors and system operators must follow specific guidelines issued by the RBI concerning AML and KYC and must adhere to the guidelines under the Payment and Settlement Systems Act, 2007. Payment processors must also submit Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs) to the FIU-IND and compliance status and suspicious activities to the RBI.\n\n<br><br>\n<i>Stay updated about the latest regulatory changes by following us on <a href=\"https:\/\/www.linkedin.com\/company\/zigram\/\" target=\"_blank\">LinkedIn\n<\/a><\/i><br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30e2a2c elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"30e2a2c\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">KYC Requirements<\/h5><p class=\"elementor-image-box-description\">Payment processors are required to conduct KYC processes to verify the identity of their users. This involves collecting and verifying identification documents such as Aadhaar cards, passports, or driving licenses. Detailed guidelines are available in the RBI\u2019s KYC Master Direction.\n\n<br><br>\n<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33df4be elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"33df4be\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">AML Compliance<\/h5><p class=\"elementor-image-box-description\">Payment processors must perform due diligence to understand their customers\u2019 financial behavior, source of funds, and purpose of transactions. Continuous monitoring of transactions to identify and report suspicious activities is essential. For high-risk customers, payment processors must implement enhanced due diligence procedures. Maintaining records of transactions and customer identification documents for a specified period (usually 5-10 years) is important.\n\n<br><br>\n<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1343b0 elementor-widget elementor-widget-heading\" data-id=\"c1343b0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What Are The Laws For Payment Processing Systems In India?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1e2c0e   elementor-widget elementor-widget-text-editor\" data-id=\"d1e2c0e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Payment processing systems in India are governed by various laws and regulations to ensure their smooth and secure functioning. The key laws are outlined below<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-144e4f6 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"144e4f6\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\"><a href=\"https:\/\/lddashboard.legislative.gov.in\/sites\/default\/files\/A2007-51_0.pdf\" target=\"_blank\">Payment and Settlement Systems Act, 2007<\/a><\/h5><p class=\"elementor-image-box-description\">Provides a legal framework for the regulation and supervision of payment systems in India. It grants the Reserve Bank of India (RBI) the authority to regulate and supervise payment systems, ensuring their safety, security, and efficiency.\n\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e8e245 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"2e8e245\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\"><a href=\"https:\/\/www.indiacode.nic.in\/bitstream\/123456789\/9176\/1\/a1934-2reserve.pdf\" target=\"_blank\">Reserve Bank of India Act, 1934<\/a><\/h5><p class=\"elementor-image-box-description\">RBI is empowered to issue directives and guidelines to payment system operators. This includes regulating electronic funds transfer, digital wallets, and other payment instruments.\n\n\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d11cd4d elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"d11cd4d\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\"><a href=\"https:\/\/www.indiacode.nic.in\/bitstream\/123456789\/13116\/1\/it_act_2000_updated.pdf\" target=\"_blank\">Information Technology Act, 2000<\/a><\/h5><p class=\"elementor-image-box-description\">Provides a legal framework for electronic transactions and digital signatures. It includes provisions for cybersecurity, data protection, and handling electronic records, which are crucial for payment processing systems.\n\n\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-191ba25 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"191ba25\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\"><a href=\"https:\/\/fiuindia.gov.in\/files\/AML_Legislation\/pmla_2002.html\" target=\"_blank\">Prevention of Money Laundering Act (PMLA), 2002<\/a><\/h5><p class=\"elementor-image-box-description\">Mandates payment system operators to adhere to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. \n\n\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-309a578 elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"309a578\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\"><a href=\"https:\/\/enforcementdirectorate.gov.in\/sites\/default\/files\/Act%26rules\/FEMA_ACT_1999.pdf\" target=\"_blank\">Foreign Exchange Management Act (FEMA), 1999<\/a><\/h5><p class=\"elementor-image-box-description\">Regulates cross-border transactions and foreign exchange in India. Payment system operators involved in international transactions must comply with FEMA regulations.\n\n\n\n<br><br><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-748b683 elementor-widget elementor-widget-heading\" data-id=\"748b683\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How Can ZIGRAM Fulfill Your Requirements?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0c14be6   elementor-widget elementor-widget-text-editor\" data-id=\"0c14be6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><a href=\"https:\/\/in.linkedin.com\/company\/zigram\" target=\"_blank\" rel=\"noopener\">ZIGRAM<\/a> provides up-to-date information on regulatory changes and requirements with its advanced compliance software tools for <a href=\"https:\/\/www.zigram.tech\/transact-comply\/\" target=\"_blank\" rel=\"noopener\">real-time monitoring<\/a>, <a href=\"https:\/\/www.zigram.tech\/prescreening-io\/\" target=\"_blank\" rel=\"noopener\">screening<\/a> and reporting. ZIGRAM has robust <a href=\"https:\/\/www.zigram.tech\/solutions\/?tab=product\" target=\"_blank\" rel=\"noopener\">Anti-Money Laundering (AML) solutions<\/a> to ensure adherence to regulatory norms and tools for conducting periodic audits and managing compliance risks effectively.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01954e1   elementor-widget elementor-widget-text-editor\" data-id=\"01954e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>By leveraging ZIGRAM\u2019s expertise and technology, financial firms can enhance their compliance processes, mitigate risks, and ensure seamless adherence to regulatory standards.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71e44f0   elementor-widget elementor-widget-text-editor\" data-id=\"71e44f0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Book a <a href=\"https:\/\/www.zigram.tech\/contact-us\/\" target=\"_blank\" rel=\"noopener\">FREE DEMO<\/a> and get secured!<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3121bc29 blog-post-item elementor-widget elementor-widget-shortcode\" data-id=\"3121bc29\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">    <div class=\"single_social_share\">\r\n        <div>\r\n            <ul>\r\n                <li>\r\n                    <a class=\"social_link__icon facebook-ic\" href=\"https:\/\/www.facebook.com\/zigram.tech\/\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n                        <i class=\"fab fa-facebook-f\"><\/i>\r\n                    <\/a>\r\n                    <span>Facebook<\/span>\r\n                <\/li>\r\n                <li>\r\n                    <a class=\"social_link__icon twiter-ic\" href=\"https:\/\/twitter.com\/ZigramT\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n                        <i class=\"fa-brands fa-x-twitter\"><\/i>\r\n                    <\/a>    \r\n                    <span>Twitter<\/span>\r\n                <\/li>\r\n                <li>\r\n                    <a class=\"social_link__icon youtube-ic\" href=\"https:\/\/www.youtube.com\/channel\/UC2oc8QlRlYmHS-OxQrrDxAQ\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n                        <i class=\"fa fa-youtube\" aria-hidden=\"true\"><\/i>\r\n                    <\/a>    \r\n                    <span>Youtube<\/span>\r\n                <\/li>\r\n                <li>\r\n                    <a class=\"social_link__icon linkedin-ic\" href=\"https:\/\/www.linkedin.com\/company\/zigram\/\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n                        <i class=\"fab fa-linkedin\"><\/i>\r\n                    <\/a>\r\n                    <span>Linkedin<\/span>\r\n                <\/li>\r\n                <li>\r\n                    <a class=\"social_link__icon mail-ic\" target=\"_blank\" href=\"mailto:contact@zigram.tech\">\r\n                        <i class=\"fas fa-envelope\"><\/i>\r\n                    <\/a>\r\n                    <span>Email<\/span>\r\n                <\/li>\r\n                <li>\r\n                    <a class=\"social_link__icon mail-ic\" target=\"_blank\" href=\"https:\/\/www.instagram.com\/zigram.tech\/\">\r\n                        <i class=\"fa fa-instagram\" aria-hidden=\"true\"><\/i>\r\n                    <\/a>\r\n                    <span>Instagram<\/span>\r\n                <\/li>\r\n                \r\n            <\/ul>\r\n        <\/div>\r\n    <\/div>\r\n    <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f7a2dd3    elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f7a2dd3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7ce0497\" data-id=\"7ce0497\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7f1e45e hashTagcontent elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f1e45e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-630426c\" data-id=\"630426c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a9ef996 elementor-icon-list--layout-inline elementor-widget__width-initial elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"a9ef996\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">#AntiMoneyLaundering<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">#PaymentSystemOperators<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">#Compliance<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">#RBI<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">#India<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">#KYC<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c742e34 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c742e34\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7304ad5\" data-id=\"7304ad5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b5204a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b5204a0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-af50f7f\" data-id=\"af50f7f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>On July 26, 2024, The Reserve Bank of India (RBI) imposed monetary penalties on three payment system operators for non-compliance with regulatory guidelines. The RBI&#8217;s actions, based on powers under Sections 30 and 31 of the Payment and Settlement Systems Act, 2007, highlight deficiencies in regulatory compliance.<\/p>\n","protected":false},"author":1,"featured_media":21397,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[51],"class_list":["post-21395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-name-screening"],"_links":{"self":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts\/21395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/comments?post=21395"}],"version-history":[{"count":1,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts\/21395\/revisions"}],"predecessor-version":[{"id":21732,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts\/21395\/revisions\/21732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/media\/21397"}],"wp:attachment":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/media?parent=21395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/categories?post=21395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/tags?post=21395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}