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ARTICLE · 25 APRIL 2024

AKP Banking & Finance Digest- April 22, 2024

AK & Partners
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Reserve Bank of India ("RBI"), on April 16, 2024, released two draft directions on the regulation of Payment Aggregators ("PA"). RBI, in its ‘Statement on Development and Regulatory Policies'...

GlobalFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI releases draft directions on the regulation of Payment Aggregators

Reserve Bank of India ("RBI"), on April 16, 2024, released two draft directions on the regulation of Payment Aggregators ("PA"). RBI, in its 'Statement on Development and Regulatory Policies' dated September 30, 2022, announced the regulation of offline PAs who handle proximity/face-to-face payments. The new draft directions titled 'New draft directions on the regulation of Payment Aggregators-Physical Point of Sale' cover such physical Point-of-Sale activities of PAs. Additionally, given the growth in digital transactions and the role of PAs, the current directions on Pas are proposed to be updated as per the draft titled, 'Amendments to the existing directions on Payment Aggregators'. These updates cover, inter alia, Know Your Customer (KYC) and due diligence of merchants, operations in escrow accounts, etc., and are intended to strengthen the

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