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Payment aggregators can apply for licence till September 30

To ensure smooth functioning of the payments ecosystem, the Reserve Bank of India has decided to allow another window to those online non-bank payment aggregators (PAs) (existing as on March 17, 2020) to apply for licence to RBI, whose applications had to be returned as they had not complied with eligibility criteria earlier.

Such PAs can now apply by September 30, 2022 and will have a net worth of Rs 15 crore as on March 31, 2022. They will be permitted to continue their operations till they receive communication from the RBI regarding the status of their applications. The timeline of March 31, 2023 for achieving the net worth of Rs 25 crore will, however, remain.

The RBI has also advised that with effect from October 1, 2022, no entity in the card transaction/payment chain, other than the card issuers and/or card networks, will store CoF data, and any data stored previously will be purged. Other than the card issuer and the card network, the merchant or its payment aggregator involved in the settlement of such transactions can save the CoF data for a maximum period of T+4 days (“T” being the transaction date) or till the settlement date, whichever is earlier. This data will be used only for the settlement of such transactions and must be purged thereafter. For handling other post-transaction activities, acquiring banks can continue to store CoF data until January 31, 2023.

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