The proposal was contained in paragraph No. 8 of the Second Bi-monthly Monetary Policy Statement on Developmental and Regulatory Policies for 2019-20 dated 6th June, 2019 and its implementation from 1st July was given in an 11th June 2019 RBI directive issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007).