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RBI has released norms for regulating fintechs in cross-border payments space

Published on November 04, 2023
Current Context: RBI has released new norms for regulating fintechs in the cross-border payments space. This was announced on October 31st, 2023, and aims to bring these players under the regulator's direct supervision.
  • Here are some key highlights of the new regulations:
    • New category: Payment Aggregator-Cross Border (PA-CB): All entities processing online cross-border transactions for imports and exports will fall under this category and require RBI authorization.
    • Minimum net worth: Existing non-bank PA-CBs need a minimum net worth of ₹15 crore to apply for authorization. New applicants will need ₹25 crore.
  • Three license categories:
    • PA-CB-E (Export only): For handling mainly export payments.
    • PA-CB-I (Import only): For handling mainly import payments.
    • PA-CB (Both import and export): For handling both import and export payments.
  • Application deadlines:
    • Existing PA-CBs: Apply by April 30, 2024.
    • New applicants: Start applying from July 1, 2024


Q.1 What is the name of the licence that the fintechs will have to apply for from the RBI by April 30, 2024?
a. Payment Aggregator-Cross Border (PA-CB)
b. Payment Service Provider-Cross Border (PSP-CB)
c. Payment System Operator-Cross Border (PSO-CB)
d. Payment Gateway-Cross Border (PG-CB)
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