New Rules On The Horizon For Payment Aggregators

In this article, we dive into the draft RBI regulations for offline payment aggregators (PA) and draft amendment to the current PA guidelines. We talk about the obligations that offline PAs must comply with once the final guidelines are notified; the key changes proposed by the amendments to existing guidelines, and the entities that will be impacted by the amendments.

On 16 April 2024, the RBI proposed major changes to the way it regulates Payment Aggregators (PAs). It released draft guidelines to regulate offline PAs (PA-P Draft Regulations). It also proposed amendments (PA Draft Amendments) to existing guidelines for online PAs (PA Guidelines). The deadline to submit comments on both the drafts is 31 May 2024.