RBI to regulate entities facilitating cross border payment transactions
RBI," it said. Currently, all Payment Aggregators (PA), which facilitate the processing of domestic transactions in online mode, come under the ambit of RBI regulations.
The RBI clarified the minimum net worth of non-banks providing the service of payment aggregators. According to the new circular, RBI made it mandatory for the non-banks providing PA-CB services to have a minimum net worth of ₹15 crore at the time of applying to the RBI for authorisation and a minimum net worth of ₹25 crore by March 31, 2026.
The circular also prescribed the procedures for handling online transactions by the PAs. For new non-bank PA-CBs, it is mandatory for them to have a minimum net worth of ₹15 crore at the time of applying and should attain a minimum net worth of ₹25 crore by the end of the third financial year of grant of authorisation.
"In respect of import and export transactions processed by PA-CBs, the maximum value per unit of goods / services sold/purchased shall be ₹25,00,000," the circular said. The RBI, in its circular, also laid procedures for the handling of online transactions by the PAs.
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