RBI to regulate entire activities of Payment Aggregators
The Reserve Bank of India recently announced that it will regulate the entire activities of Payment Aggregators (PAs). Payment Aggregators enable the e-commerce sites and merchants to accept various payment instruments from the customers.
As per the guidelines on regulation of PAs and Payment gateways (PGs), the existing PAs should attain a net-worth of Rs 15 crore by March 31, 2021 and a net-worth of Rs 25 crore on or before March 31, 2023. Thereafter the net-worth of Rs 25 crore shall be maintained at all times.