The Reserve Bank of India (RBI) has granted in-principle approval to 32 existing payment aggregators to act as online payment aggregators.
The list of 32 entities who have been granted in-principle authorisation for their PA licence include names like Computer Age Management Services, Google India Digital Services, Infibeam Avenues, and NSDL Database Management. Applications are under process for an additional 18 existing PAs.
The central bank has returned applications of PayTM Payments Services, Freecharge Payment Technologies and PayU Payments. With a view to bringing entities undertaking online payment aggregation business within the regulatory fold, RBI had issued circulars dated March 17, 2020 and March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways”.
In terms of the guidelines, online non-bank PAs – existing as on March 17, 2020 – were required to apply to the RBI by September 30, 20211 for seeking authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act).
Stakeholders may transact with new PAs only after these entities have received ‘authorisation’ under Section 7 of the PSS Act from the RBI.
