IFSCA on 2nd April, 2024 has issued the International Financial Services Centres Authority (Payment Services) (Amendment) Regulations, 2024. The amendment allows payment system providers to provide “escrow service” under an agreement, whereby money is held by such payment service provider in an escrow account with an IFSC Banking Unit (‘IBU’) or an IFSC Banking Company (‘IBC’) for and on behalf of one or more parties that are in the process of completing a transaction.
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The scheme also provisions to facilitate credit linkages by connecting beneficiaries with loan programs offered by the National Minorities Development & Finance Corporation (NMDFC).
