RBI Issues New Master Directions For Payment Aggregators

While banks can continue running their PA businesses without fresh approval, non-banks players will be required to apply for fresh authorisation by December 31

Applicants will be required to show a minimum net worth of INR 15 Cr at the time of submitting their request and attain INR 25 Cr by the end of third financial year of grant of authorisation

Under Payment aggregators will now be required to undertake KYC verification, conduct background checks on merchants and monitor…