The Reserve Bank of India (RBI) has issued a Master Direction on Regulation of Payment Aggregators (PA), consolidating and rationalizing previous guidelines and directions. The Master Direction, effective immediately, applies to both bank and non-bank entities engaged in PA business and introduces clear regulatory requirements for authorisation, capital adequacy, governance, dispute resolution, security measures, KYC norms, and settlement mechanisms.
It categorises PAs into three types – Physical (PA-P), Online (PA-O), and Cross-Border (PA-CB) and sets minimum net-worth requirements (₹15 crore at application, rising to ₹25 crore within three years) for non-bank entities seeking authorisation.
Link – https://rbidocs.rbi.org.in/rdocs/notification/PDFs/141MD7D7F25DEBF1F48449E20D685E4B014E5.PDF
