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RBI, RTGS, Reserve Bank Banking & Finance

RBI to Regulate Non-Bank Payments Aggregators

In its "Oversight Framework for Financial Market Infrastructures and Retail Payment Systems" released on Saturday, the RBI said: "With a view to safeguard the interests of the customers and users and to ensure that the payments made by the intermediaries using electronic or dig ital or online payment modes were duly accounted for by the intermediaries receiving such payments and transmitted to the accounts of the merchants or t o similar other entities, certain guidelines were issued to banks and payment system operators for addressing a few aspects of the functioning of intermediaries."

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