meta_id 3366825

On July 30, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Payments Banks – Interest Rate on Deposits) Amendment Directions, 2026. The amendment modifies the Reserve Bank of India (Payments Banks – Interest Rate on Deposits) Directions, 2025, which came into effect on November 28, 2025. The RBI reviewed its existing instructions and determined that revised guidance on the disclosure of interest rates on deposits was necessary and expedient in the public interest. The amendment introduces a revised requirement for payments banks regarding how they communicate deposit interest rates to customers. Under the amended Chapter II on General Guidelines (Interest Rate Framework), paragraph 6.3 now specifies that interest rates payable on deposits must be strictly in accordance with the schedule of interest rates disclosed in advance on the bank's website. This requirement ensures transparency and consistency between the rates advertised by payments banks and the rates actually offered to depositors. The amendment applies to all payments banks operating in India and affects how these institutions manage and communicate their deposit interest rate offerings. The RBI issued the amendment under the powers conferred by Section 35A of the Banking Regulation Act, 1949, and other enabling legislation. The Amendment Directions come into effect on October 1, 2026. Payments banks must ensure compliance with the revised disclosure requirements from this date onwards, aligning their interest rate schedules and website disclosures accordingly.