IFSCA circular IFSCA-FMPP0BR/12/2023-Banking-Part(2) – PSO/001 · 02 Apr 2025
Official title
Fee structure for Payment System Operators/ Applicants desirous to setup an PSO in IFSC
Summary
Check the official recordThe International Financial Services Centres Authority establishes a fee structure for Payment System Operators and applicants in the IFSC. This circular defines application, authorization, recurring, and processing fees for various payment system categories. These categories include real-time large value payment systems, trade repositories, LEI issuers, card payment networks, and TREDS platforms. Applicants pay a flat application fee of $1000 for all categories. Recurring annual fees and authorization fees vary by entity type. The circular also specifies fees for the modification of terms and conditions or the relaxation of regulatory provisions. These requirements apply to all existing and prospective Payment System Operators in the IFSC. The new fee structure takes effect immediately.
What you must do
Key dates
Who is affected
Thresholds
[Image omitted. See the official document.]
CIRCULAR
IFSCA-FMPP0BR/12/2023-Banking-Part(2) – PSO/001
April 02, 2025
To,
All Payment System Operators (PSO) in IFSC/ Applicants desirous to setup a PSO in IFSC
Dear Sir/Madam,
Subject : Fee structure for Payment System Operators/ Applicants desirous to setup a PSO in IFSC
This circular is issued in exercise of powers under Regulation 6(2) and 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 IFSC dated May 17, 2023, relating to fees applicable on grant of authorisation for all other FIs.
S.No. | Entities | Application Fees1 | Licence/Registration/Authorisation Fees | Recurring Fees | Activity based fee | Processing Fees Flat | Conditional | Modification of terms & conditions of grant of Licence/Registration/Authorisation/Recognition, etc. (of substantive nature) | Relaxation/waiver of provisions of applicable Regulations, Guidelines, Circulars, etc., and/or Removing difficulties Type of Fee | Amount | Type of Fee | Amount | Basis of Fee | Amount L | Payment System Operators (PSO) (a) | Real time or deferred large value payment system | $1000 | Authorisation | $15000 | Annual | $10000 | N.A. | Nil | Nil | 20% of Authorisation Fee | $2500 (b) | Trade Repository | $1000 | Authorisation | $5000 | Annual | $5000 | N.A. | Nil | Nil | 20% of Authorisation Fee | $2500 (c) | Issuers of Legal Entity Identifier (LEI) | $1000 | Authorisation | $10000 | Annual | $5000 | N.A. | Nil | Nil | 20% of Authorisation Fee | $2500 (d) | Card Payment Networks | $1000 | Authorisation | $15000 | Annual | $15000 | N.A. | Nil | Nil | 20% of Authorisation Fee | $2500 (e) | TREDS platforms authorised under the Payment and Settlement Systems Act, 2007 | $1000 | Authorisation | $5000 | Annual | $10000 | N.A. | Nil | Nil | 20% of Authorisation Fee | $2500 (f) | Any Other | $1000 | Authorisation | $15000 | Annual | $10000 | N.A. | Nil | Nil | 20% of Authorisation Fee | $2500
1 In accordance with regulation 4(3) of International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024
All other provisions of circular on “Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC”, dated May 17, 2023, (as amended) shall apply.
This circular shall come into force with immediate effect.
Yours faithfully,
Supriyo Bhattacharjee
Chief General Manager
Head Department of Banking
