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- The rules apply to both bank and non‑bank PAs, with banks exempt from separate approval but non‑banks required to seek RBI authorisation.
- Non‑bank PAs must maintain a net worth of ₹15 crore at application and ₹25 crore within three years.
- PAs are classified into PA‑Physical, PA‑Online, and PA‑Cross Border, covering in‑person, digital, and international transactions.
- They can only onboard merchants with whom they have a direct contractual relationship, making rent‑payment and similar fintech models subject to change.
- The framework mandates KYC, escrow account norms, dispute resolution timelines, and annual cybersecurity audits.
- It also strengthens fraud detection, vendor risk management, and data security, ensuring safer digital payments.
Question:
Q.1 At the time of applying for RBI authorisation, a non-bank Payment Aggregator must maintain a minimum net worth of:a) ₹10 crore
b) ₹15 crore
c) ₹20 crore
d) ₹25 crore
Answer: b) Non‑bank PAs must maintain a net worth of ₹15 crore at application and ₹25 crore within three years.