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ARTICLE · 08 OCTOBER 2025

Resetting The Rules: Overhaul Of The Regulatory Framework For Payment Aggregators

Khaitan & Co.
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On 15 September 2025, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025 (PA Directions), which was made effective immediately.

IndiaFinance and Banking
Smita Jha
Smita Jha
Prashanth Ramdas
Prashanth Ramdas
Pritish Mishra
Pritish Mishra
Jino Mathews Raju
Jino Mathews Raju
Ananya Giri Upadhya
Ananya Giri Upadhya
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Introduction

On 15 September 2025, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025 (PA Directions), which was made effective immediately. The PA Directions rationalise and repeal the existing payment aggregator regulatory frameworks, i.e., (i) Guidelines on Regulation of Payment Aggregators and Payment Gateways dated 17 March 2020 (PA-PG Guidelines); (ii) Clarifications on Guidelines on Regulation of Payment Aggregators and Payment Gateways dated 31 March 2021 (Clarifications to PA-PG Guidelines); and (iii) Regulation of Payment Aggregator – Cross Border dated 31 October 2023 (PA-CB Regulations), along with few ancillary operational circulars.

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