On April 16, the Reserve Bank of India (RBI) requested feedback from the public regarding proposed guidelines for regulating payment aggregators in relation to physical points of sale and revisions to some of the current guidelines.
RBI declared on September 30, 2022, in its “Statement on Developmental and Regulatory Policies,” that offline payment aggregators, which handle proximity and in-person payments, would be subject to regulation.
Furthermore, the RBI stated that the current guidelines are suggested to be modified in light of the rise in digital transactions and the important role that payment aggregators play in this industry.
According to the RBI, these modifications on know your customers (KYC), merchant due diligence, escrow account operations, etc., are meant to further fortify the payment ecosystem.
