Review of Draft circular by RBI “Amendments to PA (2)”
Here’s a concise summary based on the draft circular for Payment Aggregators (PAs) issued by the Reserve Bank of India (RBI):
Objective: The circular aims to introduce amendments to the Payment Aggregators (PA) framework.
Some Key Points of the draft circular:
Risk Management: PAs must implement robust risk management practices, including monitoring and mitigating risks associated with transactions.
Merchant Onboarding: PAs should ensure thorough due diligence while onboarding merchants.
Transaction Limits: PAs must set transaction limits for merchants based on their risk profiles.
Escrow Account: PAs must maintain an escrow account with a scheduled commercial bank.
Security Measures: PAs should enhance security measures to prevent unauthorized access and fraud.
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