RBI has introduced detailed rules for Payment Aggregators (PAs)

Current Context: On 15 September 2025, the RBI issued Master Directions for Payment Aggregators (PAs), consolidating earlier circulars into one detailed framework.

• 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.