By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Latest World News UpdateLatest World News UpdateLatest World News Update
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Reading: RBI seeks comments on draft rules to regulate payment aggregators – World News Network
Share
Notification Show More
Font ResizerAa
Latest World News UpdateLatest World News Update
Font ResizerAa
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Latest World News Update > Blog > Business > RBI seeks comments on draft rules to regulate payment aggregators – World News Network
Business

RBI seeks comments on draft rules to regulate payment aggregators – World News Network

worldnewsnetwork
Last updated: April 17, 2024 12:00 am
worldnewsnetwork 1 year ago
Share
SHARE

New Delhi [India], April 17 (ANI): The Reserve Bank of India (RBI) has sought public comments on draft directions on the regulation of payment aggregators concerning physical point of sale and amendments to certain existing directions.
The central bank in September 2022 announced regulation of offline payment aggregators, who handle proximity or face-to-face payments. The new draft directions are aimed at covering the physical point-of-sale activities of aggregators.
Given the growth in digital transactions and the significant role that payment aggregators play in this space, directions are proposed to be updated to further strengthen the payment ecosystem.
Comments or feedback on the draft directions may be sent by email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, on or before May 31, 2024.
The RBI proposed that non-banks providing payment aggregator point-of-sale services as of today shall have a minimum net worth of Rs 15 crore at the time of applying to the RBI for authorisation and a minimum net worth of Rs 25 crore by March 31, 2028. The net worth of Rs 25 crore shall be maintained at all times thereafter.
New non-banks (entities that have not commenced operations before the date of this circular) shall have a minimum net worth of Rs 15 crore at the time of applying to the RBI for authorisation and shall attain a minimum net worth of Rs 25 crore by the end of the third financial year of grant of authorisation.
The net worth of Rs 25 crore shall be maintained at all times thereafter. If the entity is granted a Certificate of Authorisation on October 1, 2025, it shall achieve a net worth of Rs 25 crore by March 31, 2028.
All existing non-bank payment aggregator point-of-sale that are not able to comply with the net worth requirement or do not apply for authorisation within the stipulated time frame, shall wind up aggregating activity by July 31, 2025.
“Banks shall close accounts (used for PA activity) of non-bank PA-P (existing as on the date of this circular) by October 31, 2025, unless such PAs produce evidence regarding application for authorisation submitted to the RBI,” the central bank said. (ANI)

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
sponsored by

You Might Also Like

B L Kashyap & Sons Limited reports consolidated revenue of Rs.1179.76 crore for FY25 and Rs.297.35 crore for Q4FY25 – World News Network

Best Bluetooth Speakers Under Rs. 2000 in India: Budget-Friendly Picks with Powerful Sound – World News Network

Alakh Pandey offers free PW online courses to martyrs’ wards, plus scholarships for kids of serving and retired CRPF personnel – World News Network

Alakh Pandey offers free PW online courses to martyrs’ wards, plus scholarships for kids of serving and retired CRPF personnel – World News Network

World No Tobacco Day 2025: Experts Unite Against Tobacco as a Leading Cause of Cancer and Chronic Diseases – World News Network

Share This Article
Facebook Twitter Email Print
Previous Article UAE: EWEC issues RFPs for 1,500 MW Khazna Solar Photovoltaic independent power project – World News Network
Next Article Going Beyond the Average: Essential Specimen Books for Teachers – World News Network
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -

Latest News

Assam: Severe waterlogging witnesses in parts of Guwahati amid heavy rainfall – World News Network
National 23 hours ago
Delhi Crime Branch arrests ex-national level wrestler turned arms supplier after 8-year manhunt – World News Network
National 23 hours ago
Char Dham Yatra draws over 1.6 mn devotees, Kedarnath sees more than 6.50 lakh visitors in 30 days – World News Network
National 23 hours ago
Karnataka government bans smokeless tobacco products to protect ‘public health’ on World No Tobacco Day – World News Network
National 23 hours ago

Sports

“Malinga, Paras sir helped me”: Ashwani Kumar hails MI pace bowling think tank after Eliminator success – World News Network
Sports
Bharat Arun joins Sri Lanka’s coaching drive with specialized pace bowling camp – World News Network
Sports

Popular Category

  • Business
  • Entertainment
  • Health
  • National
  • Videos
  • Gujarati

Popular Category

  • Hindi
  • Lifestyle
  • Marathi
  • National
  • Science
  • Sports
  • Tech
  • World

Entertainment

“She answered them truthfully and vocally…”: Anupam Kher praises Delhi CM Rekha Gupta for honest answers at 100-day event – World News Network
Entertainment
Miss World 2025: India’s Nandini Gupta out of top 8, Brazil, Ethiopia among finalists – World News Network
Entertainment
Copyright © 2023 World News Network. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?