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RBI gives payment aggregators another window to apply for license

Published on July 28, 2022
Current Context: Reserve Bank of India (RBI) allows another window till September for payment aggregators existing as of March 2020 to apply for a license.
RBI gives payment aggregators another window to apply for license
  • 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
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