If the issuer of a local or complementary currency offers payment services in the sense of the Payment Services Directive 16, for example, the issuer should examine beforehand if he or she must obtain a licence as a payment institution.
I would like to place on record the Reserve Bank’s appreciation of the critical role played by FIMMDA and PDAI in the development of financial markets in India over the years, and more recently, in partnering with the RBI in guiding the markets and the economy through the turbulent times of COVID-19, the war in Ukraine and the turmoil in financial markets. 2.