Fee structure for Payment System Operators/ Applicants desirous to setup an PSO in IFSC

[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.

2. The following fee structure is applicable to all PSO/ applicants desirous to setup a PSO in IFSC, as applicable:

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

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1 In accordance with regulation 4(3) of International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024

3. 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.

4. This circular shall come into force with immediate effect.

Yours faithfully,

Supriyo Bhattacharjee
Chief General Manager
Head Department of Banking