Payment rules: RBI issues final guidelines for aggregators, sets capital norms and cross-border limits

The Reserve Bank of India (RBI) on Monday rolled out final guidelines to regulate payment aggregators, bringing in a new framework that takes effect immediately.Under the Regulation of Payment Aggregators Directions, 2025, the RBI has classified aggregators into three categories — PA-P for physical, PA-CB for cross-border, and PA-O for online, PTI reported. While banks do not require separate authorisation to operate as payment aggregators, non-bank entities must meet stringent capital requirements.According to the guidelines, a non-bank entity seeking authorisation must have a minimum net worth of Rs 15 crore at the time of application and reach Rs 25 crore by the end of the third financial year.The framework also includes rules on escrow accounts, fund management, and cross-border limits for PA-CBs, besides mandating that promoters adhere to the ‘fit and proper’ criteria.The RBI had issued draft directions in April 2024 and finalised the regulations after stakeholder consultations.