a) RBI had released a statement on developmental and regulatory policies dated October 9, 2020 wherein RBI had announced granting of authorization for all PSO’s under PSS Act on a perpetual basis, subject to certain conditions. In reference to such statement and to reduce licensing uncertainties and enable PSOs to focus their business and to optimize utilization of regulatory resources, it has been decided to grant authorization for all PSOs , both new and existing on a perpetual basis subject to the usual conditions.
b) For existing authorized PSOs, grant of perpetual validity shall be examined as and when CoA becomes due for renewal subject to adherence to some terms and conditions.
c) Existing PSOs who do not satisfy all conditions will be given one-year renewals to enable them to comply; if any entity fails to do so in a reasonable time, its authorization may be withdrawn.
d) The directive is issued under section 10(2) read with section 18 of Payment and Settlements Act,2007.
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