We are delighted to share this week's AKP Banking &
Finance Weekly Digest. Please feel free to write to us with your
feedback at [email protected].
1. Regulatory Updates
1.1. India
Reserve Bank of India (RBI)
1.1.1. RBI issues comprehensive Master Direction for
Payment Aggregators
The Reserve Bank of India ("RBI")
issued a consolidated Master Direction for Payment Aggregator
("PA") businesses across online,
physical and cross-border modes, effective immediately; non-bank
PAs must seek authorisation by December 31, 2025 or wind up by
February 28, 2026, maintain a minimum net worth of INR 15,00,00,000
(Indian Rupees Fifteen Crores only) at application and INR
25,00,00,000 (Indian Rupees Twenty-Five Crores only) by the end of
3 (three) financial years, operate segregated escrow arrangements
for domestic and cross-border flows, comply with Know Your Customer
(KYC) requirements, register with Financial Intelligence Unit-India
(FIU-IND), and observe a
