New Delhi: The Reserve Bank of India has reduced the capital requirements for payment aggregators to Rs 15 crore at the time of application for the licence from Rs 100 crore it had proposed earlier.
In the final regulatory note released on March 17, the central bank said that applicants need to have Rs 15 crore of net worth, which needs to be increased to Rs 25 crore within three years of operations.
“Existing non-bank entities offering payment aggregation (PA) services shall apply for authorisation on or before June 30, 2021,” RBI said.
This has been a major relief for the payments industry, industry insiders pointed out that Rs 100 crore for the business was too big and could force many smaller payment companies to move out of this aggregation business. Also the time given is enough for players to prepare well and apply.
