RBI grants in-principle authorisation for 32 existing online payment aggregators
Mumbai/IBNS: The Reserve Bank of India (RBI) Wednesday said it has granted in-principle authorisation for 32 existing payment aggregators to act as online payment aggregators.
The RBI had already issued guidelines on the Regulation of Payment Aggregators and Payment Gateways in its circulars dated March 17, 2020 and March 31, 2021.
As many as 32 operational payment aggregators, including Amazon (Pay) India Pvt Ltd, Google India Digital Services Pvt Ltd, Infibeam Avenues Ltd, Reliance Payment Solutions Ltd, Zomato Payments Pvt Ltd, have been granted in-principle authorisation.
The central bank said applications for an additional 18 existing payment aggregators are under process.
As per the guidelines, existing online non-bank Payment Aggregators (PAs) as on March 17, 2020 were required to submit applications to RBI by September 30, 2021 requesting authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act).
The apex bank allowed another extension to all such PAs to seek authorisation by September 30, 2022.
However, new PAs cannot commence operations until they are granted ‘authorisation’ under Section 7 of the Payment and Settlement Systems Act, 2007, the RBI said.
All stakeholders are advised to transact with only those existing PAs who have been granted in-principle authorisation or whose application is currently under process, the RBI added.
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