The National Payments Corporation of India (NPCI) has issued guidelines on merchant acquiring in Unified Payments Interface (UPI) by co-operative banks, in order to facilitate broader participation in the digital payments ecosystem and enhance financial inclusion.
In a statement released yesterday, NPCI said, “Co-operative banks may participate as UPI merchant acquirers and are required to adhere to the following guidelines:
- All participating co-operative banks shall comply with the extent regulations set forth by the Reserve Bank of India (RBI) and NPCI.
- Only the co-operative banks that have been onboarded as a direct member on UPI shall be eligible to function as an acquirer.
- All guidelines, notifications and circulars issued by NPCI on UPI, shall be applicable and followed by participating banks.”
Further, according to the statement, member banks have been asked to take the note of the same.
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