Question
Consider the following statements regarding the
directions provided by the Reserve Bank of India with respect to regulating entities facilitating cross border payment transactions- I.The Reserve Bank of India will directly regulate all entities facilitating cross-border payment transactions for the import and export of goods and services. II.According to the new circular, RBI made it mandatory for the non-banks providing PA-CB services to have a minimum net worth of ā¹15 crore at the time of applying to the RBI for authorisation and a minimum net worth of ā¹25 crore by March 31, 2026. III.Ā It also said banks undertaking PA-CB activity need to fulfil the requirements forĀ PA-CBs by April 30, 2025. Which of the following statements is/are not trueĀ ?Solution
The Reserve Bank of India will directly regulate all entities facilitating cross-border payment transactions for the import and export of goods and services.Ā Ā As per the circular, such entities will be treated as Payment Aggregator-Cross Border (PA-CB).Ā Currently, all Payment Aggregators (PA), which facilitate the processing of domestic transactions in online mode, come under the ambit of RBI regulations.Ā Ā According to the new circular, RBI made it mandatory for the non-banks providing PA-CB services to have a minimum net worth of ā¹15 crore at the time of applying to the RBI for authorisation and a minimum net worth of ā¹25 crore by March 31, 2026.Ā Ā It also said banks undertaking PA-CB activity need to fulfil the requirements forĀ PA-CBs by April 30, 2024.
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