- Payment aggregators (PAs) can apply to the central bank for license till September 30,2022 and must have a minimum net worth of Rs 15 crore as of March 31, 2022.
- The payment aggregators will be permitted to continue their operation till they receive communication from RBI regarding the fate of their application.
- The deadline of March 31, 2023, will still remain for achieving the net worth of Rs 25 crore.
- RBI has given in-principle approval to payment providers like Razorpay, Pine Labs, Stripe, 1Pay, and Innoviti Payments.
- RBI has returned some applications made by payment aggregators because they failed to comply with a minimum net worth of Rs 15 crore by March 31,2021. Due to this, they had to discontinue their operations within a period of six months from the application was returned.
- Static Knowledge :
- RBI governor - Shaktikanta Das
- RBI headquarters - Mumbai
- RBI formed - 1st April 1934
Question
Ques: RBI has allowed another window for payment aggregators to apply for license till________a. September 30
b. October 30
c. November 30
d. December 30
