DOP Bank License | DOP may participate in payment systems like NEFT, RTGS, IMPS, debit cards at POS / E-com, UPI and AEPS subject to conditions
Department of Posts (DOP) - Request for approval to participate in various payment systems.
Please refer D.O.No.25-06 / 2015-FS-CBS dated November 28, 2019 addressed to on the subject.
2. In this regard, it is advised that DOP may participate in payment systems like NEFT, RTGS, IMPS, debit cards at POS / E-com, UPI and AEPS subject to the following conditions:
i. DOP will adhere to all relevant regulatory instructions of RBI as applicable to banks (like limiting customer liability circular, safety and security, risk mitigation, Banking Ombudsman Scheme, Ombudsman Scheme for Digital Transactions, etc), procedural guidelines of the respective payment system and any other applicable instructions,
ii. DOP will apply to the respective payment system operator for completing necessary documents, technical requirements, etc
iii. In terms of licensing conditions of IPPB, all these activities shall be transferred to IPPB as and when other financial services of DOP are transferred to IPPB.
