RBI requests feedback on proposed regulations pertaining to payment aggregators

RBI requests feedback on proposed regulations pertaining to payment aggregators

The RBI said that the present directives are suggested to be modified in light of the rise in digital transactions and the important role that payment aggregators play in this industry.

On April 16, the Reserve Bank of India (RBI) requested feedback from the public about draft guidelines for payment aggregator regulation concerning physical points of sale and revisions to specific current guidelines.

RBI declared on September 30, 2022, in its "Statement on Developmental and Regulatory Policies," that offline payment aggregators, which manage in-person and proximity payments, will be subject to regulation.

Furthermore, the RBI said that the present guidelines are suggested to be modified in light of the rise in digital transactions and the important role that payment aggregators play in this industry.

According to the RBI, the purpose of these modifications is to further enhance the payment ecosystem. They deal with know your customers (KYC), merchant due diligence, escrow account operations, etc.

By May 31, 2024, the RBI has requested comments and suggestions about the proposed guidelines.