Reserve Bank of India (Payments Banks – Miscellaneous) Supervisory Directions, 2026

1. One supervisory rulebook

This book holds RBI's mixed supervisory rules for payments banks in one place.

1. Start date

These rules took effect the day RBI issued them.

BankPulse example. There is no gap here between issue and effect. The Directions come into effect immediately upon issuance. A bank cannot wait for a separate start date, because there is none.

2. Who is covered

These rules apply to every payments bank.

1. Report every quarter

Progress goes to RBI's Senior Supervisory Manager every quarter through the DAKSH portal.

2. Cut the dormant accounts

A bank must work to reduce dormant accounts and those waiting for a KYC update.

3. Be kind to scheme accounts

Accounts of government benefit scheme users should be revived with an understanding view.

4. The board watches this

The Customer Service Committee of the board must watch the progress on dormant accounts.

5. Run special camps

A bank may hold special camps to help revive dormant accounts and finish KYC updates.

6. Help with Aadhaar

A bank may help its customers update Aadhaar at branches that offer that service.

1. Stop staff collusion

To stop fraud by staff acting together, a bank must balance its books at set times.

2. Store the ledgers well

Ledgers, books of account, voucher bundles and stationery must be stored properly.

3. Declare your own account

A staff member must say in writing if he opens an account at another branch or bank.

4. Keep the safeguards

Proper records, dual control, regular balancing and control returns are all required.

5. Blank drafts are valuables

Blank drafts, pay orders and mail transfer forms are security items, held in joint custody and counted daily.

6. Lock away the forms

No one without authority may reach blank cheques, drafts, deposit receipts or signature cards.

1. Run the whistle scheme

A bank must put the Protected Disclosure Scheme in place.

2. Send it sealed

The complaint must go in a closed or secure envelope.

3. Board must approve it

The bank's own scheme must be approved by its board and must shield staff who speak up.

4. What may be reported

The scheme covers graft, misuse of office, crime, suspected fraud and failure to follow the rules.

5. Who may complain

Staff, customers, stake holders, NGOs and members of the public may all complain.

6. No unnamed complaints

A complaint with no name, or a false name, is not taken up.

7. RBI is the nodal agency

RBI receives the complaints and keeps the name of the complainant secret.

8. Where to send it

It is addressed to the Chief General Manager, Fraud Monitoring Group, RBI, Maker Tower-E, Mumbai.

9. No receipt is sent

RBI sends no acknowledgement, so as to protect the name of the person who complained.

1. Three years, then two

The normal term is three years and may be stretched by up to two more.

2. Keep them out of deals

Vigilance staff must not take part in decisions that they may later have to examine.

3. Name a vigilance head

A senior officer must be named Chief of Internal Vigilance to head that division.

4. Name the sensitive desks

A bank must name its sensitive posts and set a board policy on rotating the staff on them.

5. Decide who investigates

Once an inquiry is agreed, the bank must decide whether it is internal or one for the police.

6. False complaints have a cost

If a complaint proves spiteful or empty, the bank must weigh acting against the complainant.

7. Work with the police

The vigilance head must work closely with the police and the Serious Fraud Investigation Office.

1. Old instructions repealed

The old rules on these matters were repealed by RBI's own circular.

BankPulse example. A compliance officer keeps an old circular on the same subject in the manual. It no longer applies. The existing directions, instructions and guidelines on these areas stand repealed. Only this rulebook governs them now.

2. Earlier action stands

What was done or begun under the old rules is still ruled by them.

BankPulse example. A show cause notice was issued under the old rules last year. The repeal does not move it. Any action taken or initiated under the repealed directions is still governed by them. The new rulebook applies to what comes after.

3. Adds to other law

These rules add to other laws in force. They take nothing away.

BankPulse example. A bank follows these Directions and thinks the matter is closed. It is not. Any other laws, rules, regulations or directions in force still apply on top. Where another one asks for more, the bank does the more.