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UPI New Guidelines: RBI issues new draft guidelines for payment aggregator platforms, details here

According to the draft guidelines, non-banks which provide service of payment aggregator or point of sale – The minimum net worth of such non-banks (aggregators like Razoray, Amazon Pay, Cash Fee) should not be less than Rs 15 crore when they get authorization in the Reserve Bank. Let’s submit the application.

UPI New Guidelines: Central Reserve Bank (RBI) has issued a new draft guideline for payment aggregator platforms in the country. RBI has issued this guideline to further strengthen the growing payment ecosystem. According to the draft guidelines, payment aggregators will take full responsibility of Customer Due Diligence (CDD) of merchants.

What do RBI guidelines say?

1. If the payment aggregator has given space to any marketplace on the platform, then it will have to take full responsibility that the marketplace is not collecting or settling funds for any service which it does not provide.

2. No customer data will be saved during payment aggregation or Point of Sale (PoS) card transactions. If such data is maintained then it should be destroyed. Only the card issuing bank or card network has the right to maintain the card on file data.

3. According to the draft guidelines, non-banks which provide service of payment aggregator or point of sale – The minimum net worth of such non-banks (aggregators like Razoray, Amazon Pay, Cash Fee) should not be less than Rs 15 crore when they are registered with the Reserve Bank. Submit the authorization application.

4. This minimum net worth should be Rs 25 crore by March 31, 2028, at the time of submitting the application, which the Non Bank Payment Aggregator will have to maintain at all times.

5. Non-bank providing payment aggregator/Point of sale service will have to submit certificate and financial statement from its auditor to provide proof of net worth.

6. To obtain payment aggregator/point of sale certificate from RBI, the new non-bank will have to submit provisional balance sheet and auditor’s certificate as proof.

7. If the existing non banks which are providing payment aggregator/point of sale services are not able to prove their net worth then they will have to close their business by 31st July 2025 and the banks which have the accounts of such PA/PS non banks. – Those accounts will have to be closed by banks by 31 October 2025.

According to the Reserve Bank, these draft guidelines will strengthen KYC, Merchant due diligence, Escrow account etc. RBI has invited suggestions on the draft regulations by May 31, 2024.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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