Chhattisgarh HC: Infirmity in Cheque Return Memo Won’t Render Entire Trial u/s 138 of NI Act a Nullit  ||  Delhi HC: Lawyers have Great Responsibility towards Resolving Matrimonial Disputes  ||  Pat. HC: Mental Disorder for Divorce Must be Such that Spouse Can’t be Expected to Live with Other  ||  Delhi HC: Can Dispense Personal Hearing Only if Assessee's Rectification Application Is Allowed  ||  J&K HC: Fact that Civil Remedy is Available for Breach of Contract No Ground to Quash Cr. Proceeding  ||  SC: Cannot Grant Bail for Offence under Sec. 447 of Companies Act Without Fulfilling Twin Conditions  ||  Supreme Court: Can Pass Judgment on Admission Made Outside the Pleadings  ||  SC: All Proceedings Related to Land Allotment for Bom. HC's New Complex Must be Heard by Bombay HC  ||  NCLAT: No Requirement of Opportunity of Being Heard at Stage of Report Submission u/s 99 of IBC  ||  J&K High Court Notifies Video Conferencing (Nyaya Shruti) Rules, 2025    

Regulation of Payment Aggregators - Timeline for submission of applications for authorisation - Review- (Reserve Bank of India) (28 Jul 2022)

MANU/RMIC/0132/2022

Banking

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 to discontinue their operations within a period of six months from the date of return of application. Though they have the option to apply afresh on meeting the prescribed criteria, ceasing operations may lead to disruption in payment systems. It is also possible that some PAs had not applied to RBI due to non-fulfillment of eligibility criteria.

3. Keeping in view the disruption caused by the COVID-19 pandemic, and to ensure smooth functioning of the payments ecosystem, it has since been decided to allow another window to all such PAs (existing as on March 17, 2020) to apply to RBI. They can apply by September 30, 2022 and shall have a net worth of ₹ 15 crore as on March 31, 2022. They shall be permitted to continue their operations till they receive communication from RBI regarding the fate of their application. The timeline of March 31, 2023 for achieving the net worth of ₹ 25 crore shall, however, remain.

4. All other provisions of the circulars referred to above, shall continue to be applicable.

5. This directive is issued under Section 10(2) read with Section 18 of the PSS Act, 2007 (Act 51 of 2007).

Tags : REGULATION   PAYMENT AGGREGATORS   TIMELINE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved