RBI/DPSS/2025-26/141
CO.DPSS.POLC.No.S-633/02-14-008/2025-26

September 15, 2025

All Payment System Providers and Payment System Participants /
All Authorised Dealer banks / 
All Scheduled Commercial Banks

Madam / Dear Sir,

Master Direction on Regulation of Payment Aggregator (PA)

The Reserve Bank of India had issued the ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’ vide circular DPSS.CO.PD.No.1810/02.14.008/2019-20 dated Mach 17, 2020 and CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 for regulation of entities that were engaged in online payment aggregation. Further, vide circular CO.DPSS.POLC.No.S-786/02-14-008/2023-24 dated October 31, 2023, directions were issued on ‘Regulation of Payment Aggregator – Cross Border (PA - Cross Border)’.

2. Subsequently on April 16, 2024, Reserve Bank of India, placed on its website, for public comments, the following draft directions on regulation of PA:

1. ‘New draft directions on regulation of Payment Aggregators – Physical Point of Sale’, and

2. ‘Amendments to the existing directions on Payment Aggregators’.

3. On a review of the inputs received and in line with RBI’s endeavour to further rationalise the regulations, this comprehensive Master Direction is issued under Section 18 read with Section 10 (2) of the Payment and Settlement Systems Act, 2007, and Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 for regulation of various categories of PA.

Yours faithfully,

(Gunveer Singh)
Chief General Manager-in-Charge

Encl.: As above