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The Board for Regulation and Supervision of Payment and Settlement
Systems (BPSS), a sub-committee of the Central Board of the Reserve Bank of
India is the highest policy making body on payment systems in the country. The
BPSS is empowered for authorising, prescribing policies and setting standards
for regulating and supervising all the payment and settlement systems in the
country. The Department of Payment and Settlement Systems of the Reserve
Bank of India serves as the Secretariat to the Board and executes its directions.
In India, the payment and settlement systems are regulated by the Payment
and Settlement Systems Act, 2007 (PSS Act) which was legislated in
December 2007. The PSS Act as well as the Payment and Settlement System
Regulations, 2008 framed there under came into effect from August 12, 2008.
In terms of Section 4 of the PSS Act, no person other than the Reserve Bank of
India (RBI) can commence or operate a payment system in India unless
authorised by RBI. Reserve Bank has since authorised payment system
operators of pre-paid payment instruments, card schemes, cross-border in-
bound money transfers, Automated Teller Machine (ATM) networks and
centralised clearing arrangements.
BACKGROUND
The list of 'Payment System Operators authorised by the Reserve Bank of India
to set up and operate in India under the Payment and Settlement Systems Act,
2007 are as under:
1. Financial Market Infrastructure - The Clearing Corporation of India Ltd
2. Retail payment organisations National Payments Corporation of India
(NPCI)
3. Cards payment networks Mastercard, Dinner, VISA etc.,
4. Cross Border money transfer (In ward) MoneyGram, Western Union etc.,
5. ATMS Bank of India, Fedral Bank Ltd., NPCI, PNB, SBI etc.,
6. Pre Paid payment instruments Airtel, Citrus, Atom etc.,
7. White Lable ATM Operators AGS, Muthoot, TCS etc.,

As AP State Cooperative Bank is having membership with NPCI, the DCCBanks
shall avail Sub Membership through APCOB as individual DCCBanks may not
comply the norms prescribed for membership
A withdrawal by a customer, using an ATM, constitutes a real time
withdrawal by such customer out of their own account. ATMs may
either belong or be contracted to the bank holding the account of the
customer or another bank
A transaction initiated at an ATM is immediately passed on to the bank
where the customers account is held together with the PIN encrypted
format. The paying bank (customers bank) has the capability through
its security system to verify the correctness of the PIN without the PIN
ever being exposed to anybody during the process.
Having verified the PIN and ensured that the customer has sufficient
funds in the account to cover the requested withdrawal, the customer's
bank (authorising bank) will debit the account of the customer, then
send a message, via SWITCH (if across banks), through the bank
controlling the ATM, authorising the amount requested be paid out. The
ATM would then proceed with dispensing of the authorised amount if it
contains sufficient bank notes to make the payment.
TRASACTION AT AN AUTOMATED TELLER MACHINE
ATM CARD ACQUIRING BANK SWITCH
National Financial Switch
SPONSORING BANK SWITCH DCCBANK
AUTOMATED TELLER MACHINE
Sub membership Model
ATM
member
banks
User
Printer
account
database
Transaction requests
Balance
Information
receipt
request
display
Account data
Information
request
LIQUID MANAGEMENT PROCESS FLOW
Probable types of Customers
Type 1 :: Customer of Same DCCB
Type 2 :: Customer of Other DCCB
Type 4 :: Customer of PACS
Type 3 :: Customer of Other Bank