**Summary:**
On September 15, 2025, the Reserve Bank of India (RBI) issued the "Reserve Bank of India Regulation of Payment Aggregators Directions, 2025." This Master Direction consolidates regulations related to Payment Aggregators (PAs), including those pertaining to PA Cross Border operations initially issued via circular CO.DPSS.POLC.No.S7860214008202324 on October 31, 2023. The Directions follow a period of stakeholder consultation initiated with the release of draft directions on April 16, 2024. Feedback from PAs, banks, payment system providers, industry associations, law firms, and individuals was considered and incorporated. Key elements of the Directions include: a) Rationalization of PA category definitions; b) Specification of the authorization process; c) Definition of the merchant due diligence process for PAs; and d) Guidelines for permissible operations within escrow accounts. The Directions take effect immediately, unless otherwise specified within the document. For further information, contact the Department of Communication, Central Office, Reserve Bank of India, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001; email helpdocrbi.org.in; phone 022-2266 0502. The press release number is 2025-2026/1102. Puneet Pancholy, Chief General Manager, issued the release. The RBI website is www.rbi.org.in.
Key Entities Referenced
Reserve Bank of India: The central bank of India, also referred to as RBI.
Reserve Bank of India Regulation of Payment Aggregators Directions, 2025: A regulatory directive issued by the Reserve Bank of India concerning the regulation of Payment Aggregators.
Payment Aggregators: Entities that facilitate payments between merchants and customers.
April 16, 2024: Date when draft directions on regulation of Payment Aggregators were issued for stakeholder comments.
PA Cross Border: Refers to Payment Aggregators involved in cross-border payment transactions.
October 31, 2023: Date of RBI circular CO.DPSS.POLC.No.S7860214008202324 related to PA Cross Border.
Mumbai, Maharashtra: City in Maharashtra where the Department of Communication, Central Office of RBI is located.
Puneet Pancholy: Chief General Manager at Reserve Bank of India.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
September 15, 2025
RBI issues the Reserve Bank of India (Regulation of Payment Aggregators)
Directions, 2025
Reserve Bank of India (RBI) has today issued Reserve Bank of India (Regulation of
Payment Aggregators) Directions, 2025.
RBI had issued draft directions on regulation of Payment Aggregators on April 16,
2024, for stakeholder comments. The draft directions proposed a framework for regulation
of Payment Aggregators (PAs) that handle proximity / face-to-face payments. It also
proposed certain changes to the extant directions to PAs.
As part of the stakeholder consultation exercise, inputs were received from PAs,
banks, other payment system providers, industry associations, law firms, individuals, etc.
The inputs received were examined and suitably incorporated in the Directions.
With a view to consolidating all regulations related to PAs, this Master Direction
includes directions on PA – Cross Border as well [issued vide RBI circular
CO.DPSS.POLC.No.S-786/02-14-008/2023-24 dated October 31, 2023] with changes
made in response to the feedback received after issue.
The Directions entail, inter-alia, the following:
a. Rationalisation of the definition of various categories of PAs;
b. The authorisation process;
c. The process for carrying out due diligence of merchants by PAs;
d. Permissible operations in escrow accounts;
These Directions shall come into effect immediately, unless indicated otherwise therein.
(Puneet Pancholy)
Press Release: 2025-2026/1102 Chief General Manager