%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(4).png "RBI directs payment aggregators to undertake due diligence of merchants on boarded")
- Here are some key points from the directive:
- The KYC and due diligence norms shall be applicable 3 months from the date of the circular.
- The due diligence of all merchants by payment aggregators shall be completed by September 30, 2025.
- The RBI has directed the aggregators to monitor transaction activity of merchants on an ongoing basis.
- Based on its transaction pattern, the merchant shall be migrated to a higher category of Customer Due Diligence (CDD).
- Upon migration, the Payment Aggregator (PA) shall immediately undertake the additional due diligence of the merchant as prescribed in the guidelines.
- Non-bank payment aggregators have been asked to register themselves with the Financial Intelligence Unit-India (FIU-IND) and provide the needed information as desired by the said unit.
- As for the Payment Aggregators – physical Point of Sale (PA-P), the RBI has also announced that all the Non-banks providing these services shall now have a minimum networth of Rs 15 crore at the time of authorisation. Moreover, a minimum networth of Rs 25 crore is required by March 31, 2028.
- In case of all existing non-bank PA-P failing to comply with the above said requirement or do not apply for authorisation within time, the RBI has asked the institutions to wind-up PA-P activity by July 31, 2025.
- Additionally, the central bank has also asked the banks to close accounts (used for PA activity) of non-bank PA-P by October 31, 2025, unless such PAs produce evidence regarding application for authorisation submitted to the RBI.
Question:
Q.1 What is the minimum net worth required for non-bank Payment Aggregators – physical Point of Sale (PA-P) by March 31, 2028?a. Rs 15 crore
b. Rs 20 crore
c. Rs 10 crore
d. Rs 25 crore
