MANU/RMIC/0132/2022

Ministry : Reserve Bank of India

Department/Board : Department of Payment and Settlement Systems

Circular No. : CO.DPSS.POLC.No.S-761/02-14-008/2022-2023
                   RBI/2022-2023/94

Date : 28.07.2022

Notification/ Circulars Referred : Circulars DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 MANU/RMIC/0038/2020;CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 MANU/RMIC/0036/2021;Circular CO.DPSS.POLC.No.S-106 / 02-14-003 / 2021-2022 dated May 21, 2021 MANU/RMIC/0072/2021

Citing Reference:
Circulars DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 MANU/RMIC/0038/2020  Referred

CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 MANU/RMIC/0036/2021  Referred

Circular CO.DPSS.POLC.No.S-106 / 02-14-003 / 2021-2022 dated May 21, 2021 MANU/RMIC/0072/2021  Referred

All Payment System Providers and Payment System Participants

Madam / Dear Sir,

Regulation of Payment Aggregators - Timeline for submission of applications for authorisation - Review

1. Reference is invited to Reserve Bank of India (RBI) circulars DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 and CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 on "Guidelines on Regulation of Payment Aggregators and Payment Gateways". In terms of these circulars, online non-bank Payment Aggregators (PAs) - existing as on March 17, 2020 - were required to apply to RBI by September 30, 2021ⁱ for seeking authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act).

2. It is observed that applications received from some PAs had to be returned as they had not complied with eligibility criteria, including the minimum net worth criterion of ₹ 15 crore by March 31, 2021. This also implied that they have t........