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    Question

    What is the minimum requirement for a person or entity

    to apply for authorization as a Payment Service Provider (PSP) under the IFSCA (Payment Services) Regulations, 2024?
    A Must be a registered international financial institution Correct Answer Incorrect Answer
    B Must have a physical office in India Correct Answer Incorrect Answer
    C Must be incorporated as a company with its registered office in IFSC Correct Answer Incorrect Answer
    D Must have a net worth of at least USD 1 million Correct Answer Incorrect Answer
    E Must have completed five years of operations as a payment processor Correct Answer Incorrect Answer

    Solution

    According to the IFSCA (Payment Services) Regulations 2024, any person or entity applying for authorization as a Payment Service Provider (PSP) must be incorporated as a company with its registered office in the IFSC (International Financial Services Centre).

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