RBI issues guidelines regulating payment aggregators

The Reserve Bank on Monday issued directions to regulate payment aggregators, which came into effect immediately.

As per the Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025, payments aggregators are categorised into three categories as per the work they undertake.

These categories include PA-P for physical PAs; PA-CB for cross-border and PA-O for online PAs, as per the directions.

A bank does not require authorisation to carry out PA business, while for non-banks, the RBI has set specific capital requirements.

“An entity…