The RBI requested the system suppliers to make sure compliance within a period of six months and report compliance of the identical to the Reserve Bank newest by October 15, 2018. For this, the RBI said system providers should submit the System Audit Report on completion of the requirement at above.“The audit ought to be performed by CERT-In empanelled auditors certifying completion of exercise at above. The SAR duly permitted by the Board of the system providers must be submitted to the Reserve Bank not later than December 31, 2018,” the RBI had stated. Notwithstanding lapse of appreciable time and adequate opportunities being given, the entity has been discovered to be non-compliant with the directions on Storage of Payment System Data, the RBI stated. The PayPal Business Debit Mastercard is issued by The Bancorp Bank pursuant to a license by Mastercard International Incorporated.
The service will provide business-to-business funds between …