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To enhance transparency and bring online payment aggregation activities under a regulated framework, the Reserve Bank of India (RBI) has released an updated status report on applications submitted by Payment Aggregators (PAs) seeking authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act).
RBI had earlier issued guidelines on March 17, 2020, and March 31, 2021, outlining the regulatory requirements for Payment Aggregators and Payment Gateways. As per these guidelines, all non-bank online Payment Aggregators operating as of March 17, 2020, were required to obtain RBI authorisation by submitting their applications by September 30, 2021, with a further extension later granted until September 30, 2022.
The scrutiny of these applications is currently underway. To ensure transparency and provide clarity to stakeholders, RBI has published a list of all entities that have applied for authorisation along with the current status of each application as of February 15, 2023. This list will be updated every fortnight.
RBI has advised stakeholders to conduct transactions only with existing PAs that have either received in-principle approval or whose applications are still under examination. New Payment Aggregators can be engaged only after they receive formal authorisation under Section 7 of the PSS Act.
[RBI]