Payment aggregator license requirements in India (Business Opportunities - Advertising Service)
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Item ID 133611548 in Category: Business Opportunities - Advertising Service
Payment aggregator license requirements in India | |
Here are the key requirements for obtaining a Payment Aggregator (PA) License in India as per the Reserve Bank of India (RBI) guidelines under the "Master Directions on Payment Aggregators and Payment Gateways" (updated as of 2024): ✅ 1. Company Structure The applicant must be a company incorporated under the Companies Act, 2013. Proprietorships, partnerships, and LLPs are not eligible to apply. ✅ 2. Minimum Net Worth ₹15 crore at the time of application. Must increase to ₹25 crore within 3 years from the date of authorization. Net worth includes paid-up equity capital + free reserves, excluding revaluation reserves and intangible assets. ✅ 3. Fit and Proper Criteria Promoters, directors, and key management personnel must be fit and proper as per RBI norms. No criminal or financial fraud history. ✅ 4. Governance and Management Must have a Board-approved policy for: Customer grievance redressal Risk management Cybersecurity KYC/AML (Know Your Customer / Anti-Money Laundering) ✅ 5. KYC and Due Diligence Mandatory KYC/AML compliance for all merchants onboarded. KYC must be in accordance with RBI’s Master Directions on KYC. ✅ 6. IT Infrastructure & Data Security Robust IT systems for payment processing. Must comply with data localization norms (i.e., all transaction data should be stored in India). Cybersecurity audit from a CERT-IN empanelled auditor is mandatory. ✅ 7. Merchant Onboarding A clear process for vetting and onboarding merchants. Transparency in settlement timelines, charges, and dispute resolution. ✅ 8. Escrow Account Must open and maintain an escrow account with a scheduled commercial bank. All customer payments must be routed through the escrow account. Settlement to merchants must be done within T+1 or T+2 working days. ✅ 9. Grievance Redressal A robust customer grievance redressal mechanism must be in place. Designation of a nodal officer for resolving disputes. ✅ 10. Application to RBI Application to be submitted through COSMOS portal of RBI. Includes business plan, net worth certificate, audit reports, and policy documents.  | |
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| Target State: All States Target City : Noida Last Update : Jul 01, 2025 4:34 AM Number of Views: 16 | Item Owner : Corpzo Contact Email: Contact Phone: 09999139391 |
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2025-07-02 (0.386 sec)