RBI Guidelines for Regulating Payment Aggregators and Payment Gateways
On 17th March 2020, the Reserve Bank of India (RBI) released guidelines for regulating the activitiesof Payment Aggregators (PAs) and provide baseline technology-related recommendations to Payment Gateways (PGs) in the country.
- These guidelines issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007aim to make digital payments more safer and transparent and shall come into effect from April 1, 2020.
- PAs and PGs are intermediaries playing an important function in facilitating payments in the online space.
Salient Features of the Guidelines
Applicability
- The guidelines shall be applicable to PAs. PAs shall also adopt the technology-related ....
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