RBI issued fresh guidelines for payments aggregators, gateways and others
The Reserve Bank of India has finally taken aggregators and gateways under its direct regulatory ambit. RBI said that the criteria of the authorization will be based on the role of intermediary in the handling of funds. The non-bank payments aggregators will require authorization from RBI under the payments and settlement systems act, 2007. After the 3rd Financial year, aggregators need to maintain Rs 25cr of net-worth.