International Financial Services Centres Authority (“IFSCA”), with powers conferred under Regulation 6(2) and Regulation 12(2) of International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024, read with Clause 6(iii) of the Circular on Fee Structure for the entities undertaking or intending to undertake permissible activities in International Financial Services Centre (“IFSC”), vide Circular No. IFSCA-FMPP0BR/12/2023-Banking-Part(2)-PSO/001,[1] dated April 02, 2025 prescribed the fee structure applicable to Payment System Operators (“PSOs”) operating in the IFSC or those seeking to establish operations in IFSC (“Circular”). The amendments made through the Circular shall come into effect immediately.
The Circular details the applicable fees for granting authorization to PSOs in IFSC. All the remaining provisions of the abovementioned circular titled ‘Fee Structure for Entities Undertaking or Intending to Undertake Permissible Activities in IFSC’, dated May 17, 2023 (as amended), shall remain applicable.
Entities engaged in or intending to engage in payment system operations in IFSC are advised to review the revised fee structure and ensure compliance with the applicable regulatory requirements.
[1] https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Fpso-fee-structure-circular-final02042025062003.pdf&Title=Fee%20structure%20for%20Payment%20System%20Operators%2F%20Applicants%20desirous%20to%20setup%20an%20PSO%20in%20IFSC&Date=02%2F04%2F2025