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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

IFSCA issues Requirements for Payment Service Providers entering into Rupee Drawing Arrangement (RDA)

10-Apr-2026 | e.F.No. IFSCA-FMPP0BR/3/2023-Banking 2026-27/01

IFSCA has issued a circular on the Requirements for Payment Service Providers entering into a Rupee Drawing Arrangement (RDA).

Through this circular, the prior permission from the Authority shall also be required for a PSP proposing to participate in the Rupee Drawing Arrangement (RDA) scheme, as a non-resident Exchange House.
The PSP shall, along with the request for prior permission, provide a comprehensive overview of the framework and processes put in place by it to ensure compliance with the requirements specified under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.

This is issued with reference to the circular titled 'Participation of Payment Service Providers ('PSPs') in International Payment Systems' dated June 6, 2025, which requires a PSP to obtain prior approval of the Authority to participate as/be members of international payment systems for making or receiving payments to/from banks/financial institutions outside IFSC.

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10-Apr-2026 | e.F.No. IFSCA-FMPP0BR/3/2023-Banking 2026-27/01

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