RBI Issues Norms to Regulate Cross-Border Payment Aggregators
On 31st October, 2023, the Reserve Bank of India (RBI) issued a circular that lays out new rules for entities that facilitate cross-border payments for import and export of goods and services.
Regulations Issued by RBI
- All entities processing cross-border transactions will come under RBI’s ambit and will be clubbed under ‘Payment Aggregator-Cross Border’ (PA-CB) class.
- Authorisation can be sought under any of the three categories – only payment aggregator-cross border, import only PA-CB, export and import PA-CB.
- Authorised Dealer (AD) Category-I banks do not require separate approval for PA-CB activity.
- Further, the central bank has prescribed networth criteria for non-banks providing PA-CB ....
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