Twenty-eight new payment aggregators (PA) — entities that seek to process payments for merchants — are waiting for a licence from the Reserve Bank of India (RBI) to start operations, in addition to 50 existing players.
Of the 28 new players, 19 have been granted in-principle authorisation by the central bank; the applications for the rest are under consideration. Similarly, among the existing players, 32 entities have received an in-principle nod, according to a list published by the central bank earlier this month, outlining the status of such applications, which will be updated on a fortnightly basis.
What does this mean? The central bank has clarified that an “in-principle” authorisation should not be construed as “authorisation”. For the purpose of “authorisation”, the entity would have to submit to the RBI a System Audit Report (SAR) along with a certificate from a chartered accountant regard
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