8 Jul 2022 , 02:03 PM
As the central bank was holding presentations with payment gateways and other fintech firms which applied for a payment aggregator license, it now nods for the license.
Now, it is expected that RBI will soon roll out a complete list of companies who have been approved to operate as payment aggregators, stated the sources.
As per the terms & conditions of the payment aggregator framework, only RBI-approved firms can acquire and offer payment services to merchants. The framework was formally introduced in March 2020.
The firms authorized to operate as payment aggregators in India will be under the direct supervision of the RBI while rendering payment services to merchants. According to industry insiders, this step will enable more standardized and regulated payments ecosystem.
According to RBI rules, payment aggregators must have a net worth of Rs15 crore on the date of their applications or as of March 31, 2021, and Rs25 crore by the end of the current fiscal year FY23.
At least 185 fintech companies, including household names such as Cred, Razorpay, and PhonePe, had submitted proposals for payment aggregator licenses.
The regulator responded immediately to companies whose licenses have been rejected.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.