MANU/RPRL/0099/2023

Ministry : Reserve Bank of India

Department/Board : Press Release

Press Release No. : 2022-2023/1726

Date : 15.02.2023

Notification/ Circulars Referred : Circulars dated March 17, 2020 MANU/RMIC/0038/2020;March 31, 2021 MANU/RMIC/0036/2021;Circular dated July 28, 2022 MANU/RMIC/0132/2022;RBI circular dated May 21, 2021 MANU/RMIC/0072/2021

Citing Reference:
Circulars dated March 17, 2020 MANU/RMIC/0038/2020  Referred

March 31, 2021 MANU/RMIC/0036/2021  Referred

Circular dated July 28, 2022 MANU/RMIC/0132/2022  Referred

RBI circular dated May 21, 2021 MANU/RMIC/0072/2021  Referred

Applications of Online Payment Aggregators received under the Payment and Settlement Systems Act, 2007 - Status

With a view to bringing entities undertaking online payment aggregation business within the regulatory fold, Reserve Bank of India (RBI) has issued circulars dated March 17, 2020 and March 31, 2021 on "Guidelines on Regulation of Payment Aggregators and Payment Gateways" (Guidelines). In terms of the Guidelines, online non-bank Payment Aggregators (PAs) - existing as on March 17, 2020 (referred to as existing PAs) - were required to apply to RBI by September 30, 2021¹ for seeking authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act). Further, another extension was allowed to all such PAs to submit their application by September 30, 2022 (circular dated July 28, 2022).

While the exercise of scrutiny of applications of PAs is an ongoing process, for the purpose of disseminating information and ensuring greater transparency, the list of entities who have submitted application to RBI seeking authorisation to act as online PAs under the PSS Act along with the current status of their application as on February 15, 2023 is