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On 16 April 2024, the RBI placed on its website two draft directions pertaining to payment aggregators, these are:

  • New draft directions on regulation of Payment Aggregators (Physical Point of Sale): These new directions would regulate those payment aggregators who handle proximity / face-to-face payments. In addition to the existing regulations, these circulars prescribe the authorization requirements and net-worth criteria for such payment aggregators.
  • Amendments to existing directions on payment aggregators: The updates in the existing directions, inter alia cover KYC and due diligence of merchants, operations in escrow accounts, etc, and are intended to further strengthen the payment ecosystem.

The comment period on the draft directions ends on 31 May 2024.

To access the text of the circular, please click here

In order to enhance transparency, the RBI is considering new rules on digital lending.

Recently, RBI issued a draft circular on digital lending, proposing Lending Service Providers (LSPs) to digitally share all the available loan offers from willing lenders to the borrowers.

This will enable borrowers to have a clear view of their loan options with details such as lender names, amounts, rate of interest and key terms.

The comment period ends on 31 May 2024.

To access the text of the exposure draft, please click here

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