RBI’s nod to payment aggregators signals start of light-touch regulation
1 year, 10 months ago

RBI’s nod to payment aggregators signals start of light-touch regulation

Live Mint  

It is a measure of the rapid growth of digitization in India over the past few years, accompanied by that of fintechs providing innovative solutions and services, that India’s central bank had to move in with a regulatory framework to bring some of these non-banks under its ambit. Without a formal regulatory structure, India has had many payment aggregators and payment gateways operating over the last few years. That covered fit and proper norms for payment aggregators, checking the background of merchants, a board-approved policy for disposal of complaints by customers, besides a dispute resolution mechanism. For the industry and for customers, RBI’s regulatory approval should provide a confidence boost given that quite a few of these payment aggregators and gateways have attracted investment from both big domestic and foreign funds and will approach the public markets to list too. Relatively easier entry norms, the jostling of a few established players and low margins could mean that payment aggregators and other intermediaries will have to look at related areas to counter the pressure of revenues.

India Regulatory Pay Payment Rbi Aggregators Payment Gateways Payment Aggregators  merchants  regulation  start  signals  transactions  rbis  payment  pay  nod  rbi  regulatory  intermediaries  gateways  lighttouch  aggregators  players

History of this topic

JPMorgan-Backed ISG Secures RBI Approval To Operate As Payment Aggregator
1 week, 4 days ago

JPMorgan-Backed ISG Secures RBI Approval To Operate As Payment Aggregator

ABP News  

In-Solutions Global, a fintech company backed by JP Morgan, has received full authorisation as a Payment Aggregator under the Reserve Bank of India’s regulatory framework. The RBI approval enables ISG to enhance digital payment solutions for merchants across various industries, ensuring fast, secure, and efficient transactions. It strengthens our position as a trusted partner, enabling us to power enterprises and …

RBI grants Payment Aggregator license to SabPaisa (SRS Live Technologies)
5 months, 2 weeks ago

RBI grants Payment Aggregator license to SabPaisa (SRS Live Technologies)

Deccan Chronicle  

New Delhi: SabPaisa, a leading payment solutions provider, announced that it has received final approval from the Reserve Bank of India to function as a Payment Aggregator under the Payments and Settlement Systems Act, 2007. This approval solidifies SabPaisa's position as a leading player in the Indian fintech industry, enabling it to offer comprehensive payment aggregation services to merchants across …

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging
7 months, 4 weeks ago

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging

Hindustan Times  

There is little doubt that Indians are spending more than ever before. You cannot use your credit card or debit card for subscriptions and recurring payments on the Apple App Store or the Google Play Store, be it for any app or service. Then there was a pursuit of getting RuPay credit cards aboard the UPI or unified payments interface. …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

Paytm discontinues inter-company agreements with Paytm Payments Bank
9 months, 3 weeks ago

Paytm discontinues inter-company agreements with Paytm Payments Bank

Live Mint  

Fintech major Paytm on March 1 said it has mutually agreed to discontinue various inter-company agreements with its payments bank unit Paytm Payments Bank to “reduce dependencies”, Reuters reported. The goal is to enhance the governance of Paytm Payments Bank, making it more independent of its shareholders. The Paytm Payment Bank Crisis Paytm's fintech arm, PPBL has been hit with …

NPCI to examine Paytm's third-party app request for UPI: RBI
10 months ago

NPCI to examine Paytm's third-party app request for UPI: RBI

Hindustan Times  

The Reserve Bank of India on Friday said it has advised National Payments Corporation of India to examine One97 Communication Limited's request seeking approval for the Third-Party Application Provider route for continuation of Paytm's Unified Payments Interface services. Paytm Payments Bank cannot onboard new customers after March 15 One97 Communication Limited is the parent firm of fintech major Paytm. On …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: Chandrasekhar
10 months ago

RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: Chandrasekhar

The Hindu  

The Reserve Bank's regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with laws, Union Minister Rajeev Chandrasekhar has said. In an interview to PTI, Mr. Chandrasekhar — the Minister of State for Electronics and IT — said the issue of Paytm Payments Bank is a case where a hard-charging and …

Lessons to learn from the Paytm Payments Bank mess
10 months ago

Lessons to learn from the Paytm Payments Bank mess

New Indian Express  

When the Reserve Bank of India announced partial suspension of Paytm Payments Bank operations, it evoked criticism that the regulator was high-handed in dealing with a new-age fintech firm. Despite clear indications of non-compliance, the payments bank founded by a first-generation entrepreneur still enjoys sympathy. The Paytm Payments Bank saga is a sordid tale of continued disregard for compliances and …

RBI grants Paytm Payments Bank extension until March 15 to stop deposits
10 months, 1 week ago

RBI grants Paytm Payments Bank extension until March 15 to stop deposits

Hindustan Times  

The RBI on Friday gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants. A customer pays cash to buy vegetables next to a QR code of Paytm, a digital payments firm, on display …

Enforcement Directorate questions Paytm executives; gets documents on latest RBI action
10 months, 1 week ago

Enforcement Directorate questions Paytm executives; gets documents on latest RBI action

The Hindu  

“The Enforcement Directorate has questioned senior Paytm executives and taken submission of documents from them following the recent Reserve Bank of India action of barring Paytm Payments Bank Limited from accepting deposits or top-ups in any customer account,” official sources said on February 15. Paytm said its associate Paytm Payments Bank Limited does not undertake outward foreign remittances. "One 97 …

Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case
10 months, 1 week ago

Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case

Hindustan Times  

Fintech company Paytm in an exchange filing clarified about the reports of an investigation by the Enforcement Directorate, saying that no FEMA violation cases have been filed against the company by the probe agency. Paytm denies reports of ED probe against firm One 97 Communications Limited, the parent company of Paytm and Paytm Payments Bank, stated in an exchange filing …

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances
10 months, 1 week ago

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances

Live Law  

The recent action of the Reserve Bank of India against Paytm's subsidiary, the Paytm Payment Bank has sent ripples across the fintech industry. This action of the RBI comes in light of multiple repeated violations by the Paytm Payment Bank of various compliances, regulations, and directions that are in place to regulate the functioning of payment banks. It is pertinent …

Paytm Chronicle Continues: From FAQs to RBI's Firm Stand, What We Know So Far
10 months, 1 week ago

Paytm Chronicle Continues: From FAQs to RBI's Firm Stand, What We Know So Far

News 18  

On Monday, Reserve Bank of India Governor Shaktikanta Das said there was “hardly any room” to review the action taken against Paytm Payments Bank. Asked if the deadline of February 29 would be extended, Das said, “Wait for the FAQ.” “Don’t expect review of RBI’s decision in FAQ. “Just one clarification, this particular action is against Paytm Payments Bank and …

Paytm to form advisory committee on compliance, regulatory matters led by ex-SEBI head
10 months, 2 weeks ago

Paytm to form advisory committee on compliance, regulatory matters led by ex-SEBI head

Hindustan Times  

Fintech firm One97 Communications, which owns Paytm brand, on Friday announced setting up of a group advisory committee headed by former Sebi Chairman M Damodaran, amid its associate payments bank entity facing regulatory action for non-compliance with RBI norms. Among other responsibilities, Damodaran had chaired high-powered committees for the Union government, RBI and was also elected Chairman of the EMC …

RBI Governor says no need to worry about fintech system at the moment
10 months, 2 weeks ago

RBI Governor says no need to worry about fintech system at the moment

New Indian Express  

NEW DELHI: Allaying fears over the functioning of digital payment banks amid Paytm controversy, Reserve Bank of India Governor Shaktikanta Das on Thursday said there is no need to worry about the fintech system at the moment. The apex banks’ emphasis has always been on the bilateral engagement with the regulated entities to nudge them for corrective actions and sufficient …

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments
10 months, 2 weeks ago

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments

New Indian Express  

The Reserve Bank of India today released a major policy statement outlining several developmental and regulatory initiatives covering financial markets, regulations pertaining to lending institutions, and payment systems including digital currency and fintech. On the financial markets front, RBI announced that it will comprehensively review the existing regulatory guidelines for Electronic Trading Platforms that enable transactions in financial instruments regulated …

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary
10 months, 3 weeks ago

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary

Hindustan Times  

Paytm Payments Bank, a wholly-owned subsidiary of fintech major Paytm, has been barred by the Reserve Bank of India from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, and more, after February 29. Representative Image However, this is not for the first time that Paytm Payments Bank, launched in November 2017, finds itself in trouble. …

Are you a Paytm Payments Bank customer? Check how RBI action impacts you
10 months, 3 weeks ago

Are you a Paytm Payments Bank customer? Check how RBI action impacts you

Hindustan Times  

The Reserve Bank of India on Wednesday imposed stringent restrictions on the operations of Paytm Payments Bank Ltd due to supervisory concerns. The central bank restricted Paytm Payments Bank Ltd from fresh deposits and credit transactions across its services. The regulatory action follows an initial directive dated March 11, 2022, wherein the RBI directed Paytm Payments Bank to halt the …

RBI lifts ban on Razorpay, Cashfree; allows onboarding new merchants
1 year ago

RBI lifts ban on Razorpay, Cashfree; allows onboarding new merchants

Live Mint  

The Reserve Bank of India has lifted ban on payment aggregators Razorpay and Cashfree after almost a year. We are very excited about this new phase of our journey, where we continue to drive exponential growth and retain our market leadership as the preferred aggregator in the payments space.” Razorpay spokesperson said: “Having received the new PA licence, we now …

RBI Monetary Policy: UPI Payments To Be Made Easier, Bharat Bill Payment System To Include All Payments
2 years ago

RBI Monetary Policy: UPI Payments To Be Made Easier, Bharat Bill Payment System To Include All Payments

ABP News  

The Reserve Bank of India on Wednesday announced two major consumer-centric developments that will affect how you make investments, and shop online besides paying bills. The two changes announced in the monetary policy review include the Unified Payment Interface and Bharat Bill Payment System. Till now, the Bharat Bill Payment system has been limited to recurring bill payments for merchants …

What the RBI misses about charges in payment systems
2 years, 4 months ago

What the RBI misses about charges in payment systems

Live Mint  

The RBI has come out with a consultation on charges in payment systems. One, it does not take into account the prospect of a central bank digital rupee on the blockchain, which would greatly enhance the ease of use and reduce the cost of payments, and outcompete prior payment methods, unless these other payment methods offer competitive costs. Things to …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

Paytm Payments Bank to take 'immediate steps' to comply with RBI directions
2 years, 9 months ago

Paytm Payments Bank to take 'immediate steps' to comply with RBI directions

Firstpost  

New Delhi: Paytm Payments Bank on Saturday said it is taking immediate actions to comply with the direction of the Reserve Bank of India which has barred the company from opening new accounts amid “material supervisory concerns”. This is the third time that Vijay Shekhar Sharma-promoted Paytm Payments Bank is facing action from the banking regulator since its inception in …

RBI directs Paytm Payments Bank to stop onboarding new customers
2 years, 9 months ago

RBI directs Paytm Payments Bank to stop onboarding new customers

India Today  

The Reserve Bank of India on Friday directed Paytm Payments Bank Ltd to stop onboarding of new customers with immediate effect. RBI STATEMENT "Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors. Paytm Payments Bank would be able to onboard new customers …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

RBI issues guidelines for SROs in payments
4 years, 4 months ago

RBI issues guidelines for SROs in payments

Live Mint  

The Reserve Bank of India on Tuesday issued draft guidelines for establishing self-regulatory organizations, which will be responsible for framing and enforcing rules for payment systems operators. “As the payment ecosystem matures and as the number of payments systems proliferate, it becomes necessary, in the interest of optimal use of regulatory resources, that the payments industry develops industry standards in …

Over regulation of payment entities will create greater distress in India’s fintech sector
4 years, 4 months ago

Over regulation of payment entities will create greater distress in India’s fintech sector

News 18  

On March 17, 2020 the RBI came out with Guidelines on Regulation of Payment Aggregators and Payment Gateways. These regulations impose onerous obligations on an already struggling startup ecosystem, raises regulatory uncertainty, and affects competition in the ecosystem and in zero or near zero pricing regime due to Zero MDR, the ill timed and burdensome regulations poses significant sustainability, viability …

Discover Related