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 seeking authorisation to commence or carry on PA business shall have a minimum net-worth of ₹15 crore at the time of tendering application for authorisation; and shall attain a minimum net-worth of ₹25 crore by the end of the third financial year of grant of authorisation,” it said.
The directions have provisions on escrow accounts and fund management, cross-border limits for PA-CBs and also on governance, wherein the promoters will have to adhere to the ‘fit and proper’ criteria, it said.
The central bank in April 2024 issued draft directions on PAs; the final guidelines have been issued after getting feedback from all stakeholders.
