The RBI has issued (under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007) fresh guidelines for the regulation of payment aggregators and payment gateways. These guidelines shall come into effect from April 1, 2020 other than for activities for which specific timelines are mentioned. These guidelines regulate in entirety the activities of payment aggregators and provide baseline technology-related recommendations to payment gateways.
This update has been contributed by Vinod Joseph (Partner).
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