Direction 2025
Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025
Issued by Reserve Bank of India
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 | Detail |
|---|---|---|---|---|
| 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. |
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| No obligations match these filters. | ||||
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