Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025

Plain-English summary

Master Direction RBI/DPSS/2025-26/141 of 15 September 2025 under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007. Non-bank payment aggregators must be authorised, meet a net worth of ₹15 crore at application rising to ₹25 crore by the end of the third financial year, and hold merchant funds in an escrow account with a scheduled commercial bank. It repeals the earlier payment aggregator circulars of 2020, 2021 and 2023.

Who it applies to

Payments & Fintech

Topics

Payments & Fintech / Digital Assets

Obligations arising from this law or regulation

Obligation	Timing	Regulator	Source
Obtain RBI authorisation, meet net worth and escrow merchant funds (payment aggregators)	Ongoing; net worth ₹25 crore by end of third financial year after authorisation	RBI	official
Non-bank payment aggregators need RBI authorisation. Para 6 sets a net worth of ₹15 crore at application and ₹25 crore by the end of the third financial year after authorisation, maintained on an ongoing basis. Para 16 requires merchant funds to sit in a separate escrow account with a scheduled commercial bank. Under para 5(d)(iii), entities carrying on only PA-P business had to apply by 31 December 2025 or wind up by 28 February 2026.
No obligations match these filters.

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