Payment Aggregators: RBI Tightens Oversight of New Licensees
Why in the news
After licensing over 50 payment aggregators (PAs), RBI is tightening supervision to prevent misuse of digital payments.
Key facts
- Focus: merchant KYC, genuineness of online businesses and payouts like refunds and cashbacks.
- Payouts: RBI is weighing routing only via settlement accounts, for traceability.
| Earlier | Now |
|---|---|
| Procedural audits conducted by banks | Direct, tougher RBI audits across departments |
Governance
- PhonePe named Zarin Daruwala independent director; PayU named Renu Sud Karnad chairperson.
Exam angle
- Regulated entity: payment aggregators.