RBI gives a fresh ray of hope to payment aggregator license aspirants

The Reserve Bank of India has opened one other window for payment aggregators to search regulatory approval because the discontinuation of these with out the license may lead to disruptions within the system. The regulator added that aspirants whose license candidates have been returned can proceed their operations till they obtain any phrase from it.

“Keeping in view the disruption caused by the COVID-19 pandemic, and to ensure smooth functioning of the payments ecosystem, it has since been decided to allow another window to all such PAs (existing as on March 17, 2020) to apply to RBI,” the regulator mentioned in a notification on Thursday.

The regulator added that such entities can apply to the RBI by September 30, 2022 and can want to have a internet price of ₹15 crore as on March 31, 2022.

“They shall be permitted to continue their operations till they receive communication from RBI regarding the fate of their application,” it mentioned.

The RBI had returned some functions made by payment aggregators after they failed to adjust to the minimal internet price standards of ₹15 crore by March 31, 2021. Due to which that they had to discontinue their operations inside a interval of six months from the date the appliance was returned.

The regulator famous that although these firms had the choice to apply afresh on assembly the prescribed standards, ceasing operations might lead to disruption in payment techniques.