ARTICLE · 18 NOVEMBER 2025

RBI Master Direction 2025: Compliance Mandate For Payment Aggregators And PA-P Deadline

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The Reserve Bank of India ("RBI") has set a strict deadline of 31st December, 2025 for Payment Aggregators ("PAs"), particularly those operating physical (PA-P) transactions...

IndiaFinance and Banking

Bitasta Gangully

Amiya Mukherjee

The Reserve Bank of India ("RBI") has set a strict deadline of 31st December, 2025 for Payment Aggregators ("PAs"), particularly those operating physical (PA-P) transactions, to comply with the Master Direction on Regulation of Payment Aggregator ("Master Direction").

Entities carrying on PA-P business exclusively have to ensure that they apply for their authorisation as part of the PA-P license application process within December 31, 2025.

And entities whose application for a grant of Certificate of Authorisation ("CoA") for PA–Online ("PA-O") or Payment Aggregator–Cross Border ("PA–CB") is under consideration have to intimate RBI about its existing PA-P business, if any, by 31st December, 2025. This is a key step towards maintaining Payment Aggregator (PA) compliance 2025.

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