AD DEALS
Legal Services
AD Deals provides expert legal services for business licenses, compliance, and growth. Get tailored solutions and protection. Contact us today!
A Payment Institution License is required for businesses that are involved in providing payment services to their clients, whether individuals or businesses. These institutions are typically involved in offering a wide range of services, including but not limited to:
Payment Processing:
Businesses that handle payment transactions, including credit and debit card transactions, e-wallets, and other online payment methods.
Money Transfers:
Companies offering domestic and international money transfer services, like remittance companies or online money transfer services.
Payment Gateways:
Companies that offer online payment gateways for e-commerce websites, which enables merchants to accept payments from customers through different modes.
Digital Wallets and Prepaid Cards:
Companies offering digital wallets, mobile wallets, or prepaid cards to individuals and businesses for easy payments.
Firms offering point-of-sale (POS) systems, QR code payments, or other merchant payment solutions that enable businesses to accept payments from customers.
Electronic Funds Transfer:
Companies offering electronic funds transfer services, which encompass transferring funds between bank accounts or through other payment systems.
To offer these services in India, a business has to obtain a Payment Institution License from the Reserve Bank of India (RBI), under the Payment and Settlement Systems Act.
Regulatory Guidance and Consultation:
We provide expert consultation that guides you through the regulatory requirements for obtaining a Payment Institution License. We will give you a detailed understanding of the applicable laws and regulations as set by the Reserve Bank of India (RBI).
Business Structure and Documentation:
We assist you in creating the right legal structure and prepare all the necessary documentation for the license application. This encompasses the development of a sound business plan, preparation of financial statements, compliance frameworks, and risk management processes.
Compliance and Risk Management
We help you ensure that the business model is compliant with RBI and the legal framework of a payment institution. We assist with the implementation of AML and KYC protocols in place, which are must-haves for obtaining this license.
Filing of Application:
We draft all the necessary application forms which we file with the RBI, making sure that it is complete and in terms of regulatory standards.
Contact and Liaison with RBI :
We act as a middleman between your business and the RBI, facilitating the communication and helping you clarify any queries that may arise during the application.
Audit and Risk Assessment:
As part of the application, we ensure that your systems and processes are audited and risk managed practices are evaluated. We ensure you pay systems are secure, transparent, and up to legal standards.
Follow-Up and Support:
We assist with follow-up procedures, answer any questions or additional documentation requests by RBI. We give post-approval support to ensure your business complies with any ongoing obligations.
The Reserve Bank of India usually takes 3-6 months to provide an applicant with a Payment Institution License. However, again, the exact duration does depend on factors like, but not limited to:
Amount of Completeness of Application:
To the extent that your application has been more complete and, therefore, accurate, its processing will be quicker and faster. This will essentially mean preparing all necessary paperwork and meeting compliance standards.
Amount of Complexity of Business Model:
If your payment service involves complex financial transactions or international transfers, the application process might take longer as more scrutiny will be required.
RBI Processing Time:
The time taken by the RBI to process and review your application can vary based on the volume of applications being handled and the thoroughness of your submission.
In general, businesses can expect to wait at least 3 months for approval once the application is submitted, but it may take longer depending on specific circumstances.
Ad Deals Legal Services is a trusted partner in helping businesses navigate the complexities of obtaining a Payment Institution License. Here’s why you should choose us:
Expertise in Regulatory Compliance: Our team of legal experts specializes in payment and financial regulations in India. We have a deep understanding of the Payment and Settlement Systems Act and RBI guidelines, which ensures that your application is compliant from day one.
End-to-End Service:
We provide a fully serviced approach from initial consultancy to post-license support. Every application process is handled-including documentation, risk assessment and liaison with the regulatory bodies.
Fast and Effective Processing
Our streamlined process and prompt management of all required procedures ensure that your application reaches its desired goal as efficiently as possible. We avoid potential delays by ensuring that there is complete documentation and full compliance with the required standard.
Competitive rates for our services, yet premium quality legal assistance at relatively affordable prices. We can offer value for money by ensuring that you are fully compliant and successful in gaining the license.
Tailor-Made Solutions:
Every business has its unique requirements. This is also true for a payment service model. With us, you will always find tailor-made solutions in terms of advice and help.
Once the Payment Institution License is granted, we ensure that your business is kept up to date with any regulatory changes or operational needs.
Proven Track Record:
Ad Deals Legal Services has a successful application history and satisfied clients to speak to its reliability and professionalism in the financial and regulatory space.
AD Deals provides expert legal services for business licenses, compliance, and growth. Get tailored solutions and protection. Contact us today!