RBI Releases Draft Guidelines on Payment Aggregator
By MYBRANDBOOK
In an effort to improve rules on payment aggregators and strengthen the payment ecosystem, the Reserve Bank released draft guidelines. The physical point-of-sale operations of payment aggregators (PAs) are also included in the draft.
The RBI stated that the current directions on PAs are proposed to be updated and cover, among other things, merchant KYC and due diligence, operations in Escrow accounts, and intended to strengthen the payment ecosystem.
In India, the payments ecosystem involves online PAs and PAs, which facilitate face-to-face/proximity payment transactions.
The draft suggests that payment aggregators must conduct the due diligence of the onboarded merchants in accordance with Customer Due Diligence (CDD) prescribed in Master Directions on Know Your Customer (MD-KYC), 2016.
"PAs shall ensure that marketplaces onboarded by them do not collect and settle funds for services not offered through their platform," said the draft on which the RBI has invited comments by May 31, 2024.
The draft also said that from August 1, 2025, in face-to-face/proximity payment transactions done using cards, no entity apart from the card issuers and/or card networks, shall store the Card-on-File (CoF) data.
"Any such data stored previously shall be purged," the draft added.
The draft further said non-banks providing PA-P services should have a minimum networth of ₹ 15 crore at the time of submitting an application to the RBI for authorisation and a minimum networth of ₹ 25 crore by March 31, 2028.
The net worth of ₹ 25 crore shall be maintained at all times thereafter.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
DIGISOL SYSTEMS LTD.
TP-LINK INDIA PVT. LTD.
FIRE BOLTT
RELIANCE JIO INFOCOMM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Girish Mathrubootham
Girish Mathrubootham is the Founder of Freshworks (previously known ...
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
PARTNER SPEAKERS
PSU
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
