Main Note - [Payment Systems](Payment%20Systems.md) 1. Here payment system therein includes all categories of FMIs (those regulated by the RBI), as well as non-systemically important payment systems. ### CPSS-IOSCO – PFMIs 1. May 2005 - The Committee on Payment and Settlement Systems (CPSS, now Committee on Payments and Market Infrastructures – CPMI), in May 2005, published the report on "Central bank oversight of payment and settlement systems. 2. This report has listed 5 general principles to be followed by the central banks for conducting effective oversight of payment and settlement systems 3. ==[Nov 2007](RBI_Reports_20071128_Report%20on%20Oversight%20of%20Payment%20Systems%20in%20India.pdf) - RBI published Report on Oversight of Payment Systems in India.== 4. CPMI and International Organisation of Securities Commissions (IOSCO) have established, over the years, international risk-management standards for payment systems that are systemically important (SIPS), CSDs, SSSs, and CCPs. 5. February 2010 - the CPSS and the Technical Committee of IOSCO launched a comprehensive review of the three existing sets of standards for FMIs: 1. ==the Core Principles for Systemically Important Payment Systems (CPSIPS, Jan, 2001), == 1. the first draft was released in December 1999. In India, the Department of Information Technology played a major role in the compliance of the Core Principles for Systemically Important Payment Systems (CPSIPS) as outlined by the Bank for International Settlements (BIS), Basle, Switzerland. [^2] 2. CPSS-IOSCO "Recommendations for Securities Settlement Systems" (RSSS, Nov 2001), 3. CPSS-IOSCO "Recommendations for Central Counterparties (RCCP, Nov 2004) – in support of the FSB’s broader efforts to strengthen core financial infrastructures and markets by ensuring that gaps in international standards are identified and addressed. 6. April 2012 - Accordingly, a comprehensive **set of 24 principles** were issued as part of the report titled “Principles for Financial Market Infrastructures” (PFMI) [published](http://www.bis.org/publ/cpss101a.pdf) in April 2012 7. ==*Definition:* The CPSS-IOSCO – PFMIs defines an FMI as a multilateral system among participating institutions, including the operator of the system, used for the purposes of clearing, settling or recording payments, securities, derivatives, or other financial transactions. == 8. These Principles are designed to apply to all 1. SIPS, 2. CSDs, 3. SSSs, 4. CCPs and 5. TRs. 9. RBI is also part of international and domestic groups pertaining to payment and settlement systems and financial market infrastructures, like 1. Committee on Payments and Market Infrastructures [(CPMI)](https://www.bis.org/cpmi/about/overview.htm), 2. [Regulatory Oversight Committee of LEI](https://www.leiroc.org/), 3. Task Force on Payment Aspects of Financial Inclusion (constituted by CPMI), 4. SAARC Payments Council, 5. [SWIFT Oversight Forum](https://www.swift.com/about-us/organisation-governance/swift-oversight), etc. ## RBI's adoption of the PFMIs 1. [July 2013](RBI_Press%20Release_20130726_RBI%20issues%20Policy%20Document%20for%20Regulation%20and%20Supervision%20of%20Financial%20Market%20Infrastructures.pdf) - The Reserve Bank of India (RBI) has adopted the above international standards, i.e. “the PFMIs” and “Central Bank Oversight of Payment and Settlement Systems” for implementation by the FMIs regulated by it, through issuance of Policy document on [Regulation and Supervision of FMIs regulated by RBI](RBI_Policy%20Document_201307_Regulation%20and%20Supervision%20of%20Financial%20Market%20Infrastructures%20regulated%20by%20RBI.pdf), in June 2013. 2. [Jun 13, 2020](RBI_Press%20Release_20200613_Reserve%20Bank%20of%20India%20publishes%20the%20Oversight%20Framework%20for%20Financial%20Market%20Infrastructures%20and%20Retail%20Payment%20Systems.pdf) - ==With changing landscape of the payment ecosystem and the need for transparency and clarity among the stakeholders as well as central bank’s responsibility to clearly define and disclose their regulatory, supervisory, and oversight policies with respect to FMIs and RPSs, the Reserve Bank of India revised / updated the existing policy document (published on RBI website in July 2013) as “Oversight Framework for FMIs and Retail Payment Systems".== ## Designation of FMIs regulated by the RBI 1. One of the responsibilities of regulatory authorities is to define and publicly disclose the criteria used to identify FMIs that should be subject to regulation, supervision and oversight. 2. ==Though the expression ‘FMI’ has not been defined explicitly in the [PSS Act](https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=420), the definition of payment system therein includes all categories of FMIs, including TRs, as well as non-systemically important payment systems.== 3. Now CPSS-IOSCO – PFMIs are designed to apply to all SIPS, CSDs, SSSs, CCPs and TRs. 4. Most principles in PFMI report are applicable to all types of FMIs covered. However, a few principles are only relevant to specific types of FMIs. The applicability of the principles and key considerations to specific types of FMIs in India is shown [here](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864#A9:~:text=from%20the%20auditor.-,Appendix%209,-General%20applicability%20of). 5. Following are the FMIs regulated by the RBI, and mandated by RBI to comply with the PFMI standards. They would also be assessed using the [PFMI framework](https://www.bis.org/cpmi/info_pfmi.htm?m=3%7C16%7C598). 1. RBI authorised payment systems which have been declared as: 1. Systemically Important [Payment Systems](Payment%20Systems.md) (SIPS) - [RTGS](RTGS.md) (Real Time Gross Settlement System) 2. System wide important payment system (SWIPS) - [NPCI](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043#:~:text=National%20Payments%20Corporation%20of%20India%20(NPCI))(National Payments Corporation of India) 1. NPCI is the umbrella organisation for operating retail payment systems in the country like UPI Payment, IMPS, Bharat Bill Pay, RuPay Card, FASTag, NACH, AePS 2. its share as against the entire payment landscape of India stood at 64.5% by volume and 4.07% by value during the month of March 2020. 3. With the growing retail volumes handled by NPCI and the resultant increase in the extent of concentration of retail payments under NPCI, and given the criticality of its operations in terms of volume of transactions handled, any disruption can have an impact on the payment and settlement of transactions initiated by public at large, especially the lower and middle class population, and the financial inclusion drive of the Government and RBI. 4. Accordingly, NPCI has been designated as a system wide important payment system (SWIPS) and would be assessed against the PFMIs. 2. Central Securities Depository (CSDs), 1. Public Debt Office (PDO) of the RBI, for government securities 3. Securities Settlement System (SSS) for the government securities, both for outright and repo transactions conducted in the secondary market, operated by the RBI, 1. The Integrated Banking Department (IBD) of RBI, Mumbai manages and operates the SSS for the government securities, both for outright and repo transactions conducted in the secondary market. 4. Central Counter Parties (CCPs) - Clearing Corporation of India Ltd (CCIL) 1. [CCIL](https://www.ccilindia.com/companyprofile) was set up and established in 2001 as RBI’s initiative for creating a guaranteed platform for systemically important payment systems. 2. The CCIL is owned and managed (operated) by commercial banks, but regulated by the RBI 3. It functions as a CCP, authorised by RBI under the Payment and Settlement Systems (PSS) Act, 2007, for select categories of transactions such as those in the government securities (outright and repos), corporate bond repos, inter-bank foreign exchange market ( FX Spot, FX Forward, FX Swaps), IRDs, call money market, etc. thus effectively managing and mitigating the counterparty risks arising out of possible default by any constituent. So CCIL is linked to CSD (which is RBI for G-Secs). 4. CCIL is also a Trade Repository in the segments approved by the RBI. 5. 2009 - It was authorised to operate as payment systems under section 7 of the Payment and Settlement Systems Act, 2007 6. July 2013 - CCIL was designated as a critical Financial Market Infrastructure (FMI) for oversight considering its systemic importance in financial markets regulated by the Reserve Bank. So RBI issued direction to CCIL under Section 10 (2) and 18 of PSS Act that CCIL shall be subjected to regulation and supervision using the PFMIs framework thus necessitating its adherence to PFMI requirements for both CCP as well as TR activities. 7. [Jan 1, 2004](RBI_Press%20Release-20140101_RBI%20grants%20Qualified%20Central%20Counterparty%20Status%20to%20CCIL.pdf) - RBI granted Qualified Central Counterparty Status to CCIL 8. ==[Box XIII.5 Central Counter Parties](RBI_Annual%20Report_2004.pdf#page=198&selection=73,0,74,23) in RBI's Annual Report-2004== 9. [CCIL Fact-book](https://www.ccilindia.com/factbook) is an annual publication of CCIL 5. Trade Repositories (TRs) - CCIL 1. Trade Repository means a person who is engaged in the business of collecting, collating, storing, maintaining, processing or disseminating electronic records or data relating to such derivatives or financial transactions, as may be specified by the RBI from time to time. 2. RBI has designated CCIL as a Trade Repository[12](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864#F12) under Section 34 A (2) of PSS Act for OTC interest rate, credit and forex derivative transactions as mandated from time to time 7. Summary 1. Accordingly, all RBI authorised payment systems declared as SIPS/SWIPS on the basis of above criteria and SSSs, CCPs, CSDs and TRs are expected to comply with the PFMI standards. Thus, RTGS, NPCI, SSS / CSD, and CCIL (as CCP and TR)[15](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864#F15) are mandated by RBI to comply with the PFMI standards. They would also be assessed using the PFMI framework 2. *Ownership, Operator & Regulation:* But RTGS, PDO of the RBI, SSS for govt. securities are owned and operated by the RBI, CCIL and NPCI are neither owned nor operated by the RBI, and the NDS-OM is owned by RBI but operated by the CCIL. 8. Other Critical Market Infrastructures They are assessed under the CPMI-IOSCO “Assessment methodology for the oversight expectations applicable to critical service providers 2. Negotiated Dealing System Order-matching [NDS-OM](Outright%20Transactions%20in%20G-Secs%20in%20Secondary%20Market.md#NDS-OM) which is a critical infrastructure for the government securities market, 3. Indian Financial Network (INFINET) /-SFMS; and 4. SIDSPL 9. Retail Payment Systems (not SIPS or SWIPS) 1. They are not subject to against all PFMIs, except for submission of Self-Assessment Template (SAT) dovetailed to their specific requirements on an annual basis. However, some of the PFMIs are so fundamental that they should also be observed by even these RPSs. 2. For the purpose of applicability of PFMIs to RPSs, the RBI will be classifying such RPSs as: 1. Important Retail Payment Systems (IRPS) 2. Other Retail Payment Systems (ORPS) - [Link](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864#A10:~:text=%E2%97%8F-,Appendix%2010,-Applicability%20of%20PFMIs) ## Oversight (the Legal Basis) 1.  The [PSS Act, 2007](https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=420), designates the RBI as the authority to regulate and supervise payment systems in India 2. Two regulations have been framed under this act 1. Payment and Settlement Systems Regulations, 2008 (as amended from time to time) was framed under this Act. 2. Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 *(withdrawn)*. 1. It has been superseded by the [Payments Regulatory Board Regulations, 2025](RBI_Regulations_20250520_Payments%20Regulatory%20Board%20Regulations,%202025.pdf), effective from May 20, 2025 3. Both the Act and Regulations have come into effect from 12th August 2008. 3. Both the PSS Act, 2007 and two regulations (framed under this Act) provide for the RBI to conduct oversight of payment and settlement systems, as part of its mandate. 4. The scope of oversight by RBI thus covers all authorised payment systems and aspects/matters related to payment systems. 5. ====It includes all types of payment systems, SSSs, CSDs, CCPs and TRs. In other words, it includes all categories of FMIs, including TRs, as well as non-systemically important payment systems (which is the definition of the definition of payment system in the PSS Act).== 6. The Payments Regulatory Board (PRB) is the highest policy making body on payment systems in the country. It is a committee of the Central Board of the Reserve Bank of India, 1. October 30, 1998 - In his [Mid-Term Review of Monetary and Credit Policy for 1998-99](RBI_MPS_199810_Mid-Term%20Review-Governor%20Statement.pdf), Dr.Bimal Jalan, the then Governor announced RBI will soon set up a high level National Payments Council. 2. [May 26, 1999](RBI_Press%20Release_19990526_RBI%20constitutes%20National%20Payments%20Council.pdf) - National Payments Council (NPC) was set up to lay out policy framework for reforms in payment and settlement systems. 3. [Box XIII.3-Board for Payment and Settlement Systems](RBI_Annual%20Report_2004.pdf#page=196&selection=119,0,120,40) in RBI's Annual Report 2004 4. [March 10, 2005](RBI_Press%20Release_20050310_RBI%20constitutes%20Board%20for%20Regulation%20and%20Supervision%20of%20Payment%20and%20Settlement%20Systems.pdf) - RBI constituted Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), and National Payments Council would continue to exist as an advisory body to BPSS. 5. ==[Nov 2007](RBI_Reports_20071128_Report%20on%20Oversight%20of%20Payment%20Systems%20in%20India.pdf) - RBI published Report on Oversight of Payment Systems in India.== 6. Aug 2008 - PSS Act, 2007 received the assent of the President on 20th December 2007 and came into force with effect from 12th August 2008. 1. The act gave powers to RBI to regulate and supervise the payment systems and the payment system participants in India, through a board through a Board (a committee of Directors of Central Board) called the BPSS. 2. NPC became inactive after BPSS and PSS Act framework. 6. **Two Regulations were framed under this Act** 1. Aug 12, 2008 - Payment and Settlement Systems Regulations, 2008 (as amended from time to time) also came into effect from Aug 2008. 2. Aug 12, 2008 - Board for Regulation and Supervision of Payment and Settlement Systems [Regulations, 2008](RBI_Notification_20080812_Board%20for%20Regulation%20and%20Supervision%20of%20Payment%20and%20Settlement%20Systems%20Regulations,%202008.pdf) 1. It [replaced](RBI_Notification_20080812_Repeal%20of%20Reserve%20Bank%20of%20India%20(Board%20for%20Regulation%20and%20Supervision%20of%20Payment%20and%20Settlement%20Systems)%20Regulations,%202005.pdf) the Reserve Bank of India (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2005. 7. May 6, 2025 - With the issuance of [Gazette Notification dated May 06, 2025](https://rbidocs.rbi.org.in/rdocs/content/pdfs/PRBGazetteNotification06052025.pdf), the PSS Act, 2007 was amended, with effect from May 09, 2025, and consequently the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) was replaced by the Payments Regulatory Board (PRB). 8. May 20, 2025 - [Payments Regulatory Board Regulations, 2025](RBI_Regulations_20250520_Payments%20Regulatory%20Board%20Regulations,%202025.pdf) came into effect 1. It replaced the Board for Regulation and Supervision of Payment and Settlement Systems [Regulations, 2008](RBI_Notification_20080812_Board%20for%20Regulation%20and%20Supervision%20of%20Payment%20and%20Settlement%20Systems%20Regulations,%202008.pdf) 9. [Sept 30, 2025](RBI_Press%20Release_20250930_Date%20-%20Sep%2030,%202025%20Constitution%20of%20the%20Payments%20Regulatory%20Board.pdf) - A new board called Payments Regulatory Board was constituted under Section 3 (2) of PSS Act, 2007, effective from May 9, 2025 10. ==The PRB under the chairmanship of Governor, RBI became the designated authority for regulation and supervision of the payment systems under Sections 3(1) and (2) of the PSS Act, 2007.== 11. PRB regulates and supervises the payment and settlement systems under the PSS Act, 2007, on behalf of the RBI. In other words, the RBI exercises the powers, performs the functions and discharges the duties conferred on it, to regulate and supervise payment systems within the country, under the PSS Act, 2007 through a Board known as the "Payments Regulatory Board". 12. Payments Regulatory Board Regulations, 2025 lays down the detailed rules in terms of PRB's members, meetings, quorum, constitution of Sub-Committees/Advisory Committees by PRB, etc. 7. The Department of Payment and Settlement Systems (DPSS) (formed in 2005) of RBI serves as the Secretariat to the PRB. 1. 2005 - In order to assist BPSS in performing its functions, the Reserve Bank had constituted a new department, the Department of Payment and Settlement Systems (DPSS). 8. Organisation of the Oversight Function 1. A dedicated Oversight Division in the Department of Payment and Settlement Systems (DPSS) at Central Office of RBI has been institutionalised and is tasked with the responsibility to conduct oversight of all payment systems. 2. The Central Office Oversight Division is supported by DPSS cells set-up at four Regional Offices at Mumbai, Delhi, Chennai and Kolkata. 3. Skilled resources are drawn from other departments while undertaking the assessment / onsite inspection of FMIs/RPSs (retail payment systems). 4. While the DPSS Cells at four Regional Offices conduct on-site inspection of various retail payment systems and Cheque Clearing Houses, the Central Office Oversight Division carries out on-site inspection of FMIs and SWIPS (NPCI). ## Oversight Framework for Financial Market Infrastructures and Retail Payment Systems 1. The FMIs would be overseen against all or some of [24 principles for FMIs](RBI_Policy%20Document_2020_Oversight%20Framework%20for%20Financial%20Market%20Infrastructures%20(FMIs)%20and%20Retail%20Payment%20Systems%20(RPSs).pdf#page=51&selection=2,0,2,8), according to the policy document [Oversight Framework for Financial Market Infrastructures and Retail Payment Systems](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864). 2. The entities (divided into FMIs (including TRs), and non-systemically important RPSs) regulated by the RBI and covered as part of this framework (and the [activities](RBI_Policy%20Document_2020_Oversight%20Framework%20for%20Financial%20Market%20Infrastructures%20(FMIs)%20and%20Retail%20Payment%20Systems%20(RPSs).pdf#page=41&selection=4,0,4,22) to be undertaken) are as follows: 1. FMIs 1. SIPS - RTGS 1. [Public Disclosure Report based on Self-Assessment of RTGS System against PFMIs - 2024](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=23151) 2. SWIPS - NPCI 3. NEFT - owned and operated by the RBI 4. CSD-SSS (for govt. securities) 5. CCP-CCIL (for various categories of transactions) 6. TR-CCIL 2. Retail payment systems (other than SIPS/SWIPS) 1. They are non-systemically important RPSs 2. They are not subject to assessment against all PFMIs, except for submission of Self-Assessment Template (SAT) dovetailed to their specific requirements on an annual basis. However, some of the PFMIs are so fundamental that they should also be observed by even these RPSs. 3. For the purpose, the RBI will be classifying such RPSs as: 1. Important Retail Payment Systems (IRPS) and 2. Other Retail Payment Systems (ORPS). 4. These retail payment systems are: 1. Bharat Bill Payment System (BBPS) 2. Trade Receivables Discounting System (TReDS) 3. Pre-paid Payment Instruments (PPIs) 4. Cross-border Money Transfer – in-bound only – Operators 5. Cards Payment Networks 6. ATMs/White Label ATM Operators (WLAOs) 7. Other retail payment systems 5. A related note on [payment systems](Payment%20Systems.md) ## Grievance Redressal Mechanism RBI has put in place following mechanisms for effective redressal of grievances (for FMIs and retail payment systems) [^1] 1. [August 6, 2020](RBI_Press%20Release_20200806_Online%20Dispute%20Resolution%20(ODR)%20System%20for%20Digital%20Payments.pdf) - Online Dispute Resolution (ODR) System for Digital Payments was launched 1. PSOs shall be required to implement an ODR system for customer disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021 2. If the grievance remains unresolved up to one month, the customer may approach the [Reserve Bank - Integrated Ombudsman Scheme, 2021](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52549) (as amended from time to time). 2. [Reserve Bank – Integrated Ombudsman Scheme, 2021](Ombudsman%20Scheme.md#^d276cc) (2026 since July 2026) 3. [Internal Ombudsman Scheme](Ombudsman%20Scheme.md#^bd8ed5) for non-bank System Participants, 2019 4. Limiting Liability of Customers in Unauthorised Electronic Banking Transactions (in certain cases) 5. Limiting Liability of Customers in Unauthorised Electronic Payment Transactions in Prepaid Payment Instruments (PPIs) issued by Authorised Non-banks 6. Harmonising Turn Around Time (TAT) for resolution of customer complaints and compensation for failed payment transactions 7. [DigiSaathi](http://www.digisaathi.info/) 1. It was launched in [March 2022](RBI_Press%20Release_20220308_Reserve%20Bank%20of%20India%20launches%20(a)%20UPI%20for%20Feature%20Phones%20(UPI123pay)%20and%20(b)%2024x7%20Helpline%20for%20Digital%20Payments%20(DigiSaathi).pdf) 8. **Awareness Mission** 1. Digital Payments Awareness Week (DPAW) 1. RBI has been observing a Digital Payments Awareness Week in second week of march from 2021. 2. [March 06, 2023](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=55335) - 3rd edition (Launch of Mission “Har Payment Digital”) 1. [Address](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1353) by Governor, Shri Shaktikanta Das, Reserve Bank of India - March 06, 2023 - Digital Payments Awareness Week (March 6-12, 2023) Launch of Mission ‘Har Payment Digital’, Mumbai 3. Mar 04, 2024 - 4th edition was launched 1. [Address](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1422) by Governor, Reserve Bank of India at the Digital Payments Awareness Week celebrations, March 4, 2024, RBI, Mumbai 4. [Mar 10, 2025](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=59944) - 5th edition was launched 1. [Address](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1496) by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Inauguration of Digital Payments Awareness Week 2025, March 10, 2025, RBI, Mumbai 5. [Mar 12, 2026](RBI_Press%20Release_20260312_Digital%20Payments%20Awareness%20Week%202026%20-%20Launch%20of%20‘Awareness%20Program%20on%20Digital%20Payments’%20and%20Interaction%20with%20Payment%20Systems%20Operators%20(PSOs).pdf) - The 6th edition was launched 1. [Feb 13, 2026](https://rbi.org.in/scripts/BS_ViewTenders.aspx?Id=24581) - Survey on Effectiveness of Digital Payments Awareness Programs Conducted by Third Party Agency, Mumbai 2. Competitions 1. [Sep 30, 2019](RBI_Press%20Release_20190930_RBI%20announces%20“Payment%20and%20Settlement%20Systems%20Innovation%20Contest%20and%20Payment%20and%20Settlement%20Systems%20Innovative%20Ideas%20Competition”.pdf) - RBI announced “Payment and Settlement Systems Innovation Contest and Payment and Settlement Systems Innovative Ideas Competition” 3. Electronic Banking Awareness and Training (e-BAAT) 1. They are nationwide initiatives aimed at educating the public on safe digital banking, cyber security, and fraud prevention. 2. It is conducted through its regional offices to create awareness about digital payments like UPI123Pay, IMPS, NEFT, etc, safe practices while using digital payment products, customer protection, frauds and risk mitigation , grievance redressal mechanisms etc., and target audience includes rural area population. 3.  RBI has been conducting these programs since 2012. More than 1800 such programs have been conducted in the last 8 years since 2024-25. 9. **Workshop/Training** 1. [Feb 26, 2026](RBI_Press%20Release_20260226_Workshop%20on%20Digital%20:%20Cyber%20Frauds.pdf) - Workshop on Digital / Cyber Frauds for the Executive Directors and Heads of Fraud Risk Management of 60 major banks was organised on February 24 and 25, 2026 at the Reserve Bank’s Central Office, Mumbai 10. **Related Topics** 1. [Awareness for the RBI's Alternate Grievance Redress (AGR) Framework](Ombudsman%20Scheme.md#^e72185) 2. [Financial Literacy and Awareness](Financial%20Literacy%20and%20Awareness.md) ## FMIs under SEBI [They](https://www.sebi.gov.in/search.html?searchval=Principles%20of%20Financial%20Market%20Infrastructures) are overseen by SEBI's own oversight policy framework. SEBI-regulated FMIs are: 1. Central Counterparties (CCP) like 1. Indian Clearing Corporation Ltd. (ICCL), 2. MCXSX Clearing Corporation Ltd. (MCX-SXCCL), 3. National Securities Clearing Corporation Ltd. (NSCCL), and 4. AMC Repo Clearing Limited (ARCL) 2. Central Securities Depository (CSDs), or simply the depositories, which are 1. Central Depository Services Ltd. (CDSL), 2. National Securities Depository Ltd. (NSDL), etc 3. ~~Stock exchanges are not FMIs~~ 1. Bombay Stock Exchange (BSE), National Stock Exchange, MCX SX, United Stock Exchange and other regional stock exchanges ## Policy Documents 1. RBI. (2013). Regulation and Supervision of Financial Market Infrastructures regulated by RBI. Policy Document. [pdf](RBI_Policy%20Document_201307_Regulation%20and%20Supervision%20of%20Financial%20Market%20Infrastructures%20regulated%20by%20RBI.pdf) 2. RBI. (2020). Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). [pdf ## Groups/Committees 1. RBI. (Nov, 2007). Report on Oversight of Payment Systems in India. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=11/28/2007&SECID=22&SUBSECID=0) | ==[pdf](RBI_Reports_20071128_Report%20on%20Oversight%20of%20Payment%20Systems%20in%20India.pdf) ## Data Releases 1. Annual - [Public Disclosure Report based on Self-Assessment of RTGS System against PFMIs](https://www.rbi.org.in/Scripts/AnnualPublications.aspx?head=Public%20Disclosure%20Report%20based%20on%20Self-Assessment%20of%20RTGS%20System%20against%20PFMIs) ## Related Notes 1. [Financial Sector Assessment Program (FSAP)](Financial%20Sector%20Assessment%20Program%20(FSAP).md) (FSAP) ## References ### [[Speeches & Media Interactions|Speeches]] 1. Harun R Khan. (Feb 14, 2013). ==Principles of Financial Market Infrastructure & Innovations in Retail Payment Systems: Some Perspectives== - Inaugural address delivered by Shri Harun R Khan, Deputy Governor at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 14, 2013 at New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=781) 2. G. Padmanabhan. (Feb 15, 2013). ==International Seminar on Principles of Financial Market Infrastructures and Innovations in Retail Payments== - Valedictory address delivered by Shri. G. Padmanabhan, Executive Director at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 15, 2013 at New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=782) 3. G Padmanabhan. Feb 27, 2013. Role of Financial Market Infrastructure in Financial System Stability & Implications for Central Bank - presentation by Shri G Padmanabhan, Executive Director, Reserve Bank of India, at the 11th SEACEN-World Bank Advanced course on Payment and Settlement Systems, Kuala Lumpur, February 26, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=784) 4. Sanjay Malhotra. (March 10, 2025). Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Inauguration of Digital Payments Awareness Week 2025, March 10, 2025, RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1496) 5. Shaktikanta Das. (Mar 04, 2024). Address by Governor, Reserve Bank of India at the Digital Payments Awareness Week celebrations, March 4, 2024, RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1422) 6. Shaktikanta Das. (Mar 06, 2023). Address by Governor, Shri Shaktikanta Das, Reserve Bank of India - March 06, 2023 - Digital Payments Awareness Week (March 6-12, 2023) Launch of Mission ‘Har Payment Digital’, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1353) ### [[Publications (Data Releases) & Research#Publications|Publications]] 1. RBI. (2004). Box XIII.3-Board for Payment and Settlement Systems. RBI's Annual Report-2004. [pdf](RBI_Annual%20Report_2004.pdf#page=196&selection=119,0,120,40). 2. RBI. (Nov 2, 2007). Review of Payment and Settlement Systems in India 2006 - 2007. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=11/2/2007&SECID=22&SUBSECID=0) | [pdf](RBI_Reports_20071102_Review%20of%20Payment%20and%20Settlement%20Systems%20in%20India%202006%20-%202007.pdf) 3. RBI. (28 Nov, 2007). Report on Oversight of Payment Systems in India. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=11/28/2007&SECID=22&SUBSECID=0) | [pdf 4. RBI. (2013). Regulation and Supervision of Financial Market Infrastructures regulated by RBI. Policy Document. [pdf](RBI_Policy%20Document_201307_Regulation%20and%20Supervision%20of%20Financial%20Market%20Infrastructures%20regulated%20by%20RBI.pdf) 5. RBI. (2020). Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). [pdf](RBI_Policy%20Document_2020_Oversight%20Framework%20for%20Financial%20Market%20Infrastructures%20(FMIs)%20and%20Retail%20Payment%20Systems%20(RPSs).pdf) 6. RBI. (Oct 23, 2025). Payment Systems Report (Half Yearly), June 2025. [^1]: RBI. (2020). Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). [pdf](RBI_Policy%20Document_2020_Oversight%20Framework%20for%20Financial%20Market%20Infrastructures%20(FMIs)%20and%20Retail%20Payment%20Systems%20(RPSs).pdf) [^2]: RBI. (Feb 28, 2011). High Level Committee for Preparation of the Information Technology Vision Document 2011-2017. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=630)