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The RBI has reportedly issued a directive requiring observers on the boards of NBFCs to be appointed as directors. This significant shift will affect how investors engage with the management of their ...
Published On: 01/10/2025
Practice Area: Technology, Media & Telecommunications, Financial Services
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In a landmark move to streamline and update the regulatory landscape for payment intermediaries, the Reserve Bank of India (RBI) has issued the Master Direction on Regulation of Payment Aggregators, 2025 (“Master Directions”). This comprehensive framework harmonises the erstwhile guidelines governing both domestic and cross-border payment aggregators and goes beyond mere consolidation by introducing changes in an attempt to keep up with the rapidly evolving digital commerce landscape. For the first time, offline payment aggregators, who facilitate in-person electronic transactions, have been brought under the regulatory ambit, a move that significantly broadens the scope of oversight and reflects the growing importance of offline digital commerce. The Master Directions additionally update norms for both domestic and cross-border aggregators, while introducing key changes such as enhanced KYC and merchant due diligence requirements, revised settlement timelines, and greater clarity on escrow account operations.
