Regulations for offline payment aggregators to be at par with online peers, says RBI – Times of India

MUMBAI: Offline cost aggregators (PAs) who support in face-to-face transactions at service provider retailers will now come below the regulatory purview of RBI, governor Shaktikanta Das introduced on Friday. “Conserving in view the same nature of actions undertaken by on-line and offline PAs, it’s proposed to use the present rules to offline PAs as properly,” Das stated after asserting the bi-monthly coverage overview.
Das stated there shall be “convergence on requirements of knowledge assortment and storage” after the transfer, which means that such firms will be unable to retailer particulars like these of credit score and debit playing cards of a buyer.
The governor stated PAs play an essential position within the funds ecosystem and therefore had been introduced below rules in March 2020 and designated as Cost System Operators (PSOs).
Nevertheless, the present rules are relevant solely to PAs processing on-line or e-commerce transactions, he stated, including that they don’t cowl offline PAs who deal with proximity/face-to-face transactions and play a major position within the unfold of digital funds.
In the meantime, Das additionally introduced that the factors for regional rural banks (RRBs) to be eligible to supply web banking to their prospects are being rationalised.
The RRBs are at present allowed to supply Web Banking facility to their prospects with prior approval of the Reserve Financial institution, topic to fulfilment of sure monetary and non-financial standards, he stated.
Das stated the choice has been taken retaining in view the necessity to promote the unfold of digital banking in rural areas and added that tips shall be issued on the identical quickly.

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