The use of Electronic/Online Payment modes for payments to merchants for goods and services like bill payments, online shopping etc. has been gaining popularity in the country. With a view to safeguard the interests of the customers and to ensure that the payments made by them using Electronic/Online Payment modes are duly accounted for by the intermediaries receiving such payments and remitted to the accounts of the merchants who have supplied the goods and services without undue delay, it is considered necessary by RBI to frame suitable directions for the safe and orderly conduct of these transactions. Accordingly, the directions are issued under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Click the tiltke for the text of the Directions.
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