RBI Decides to Directly Regulate Entities Facilitating Cross-border Payment Transactions
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- By Chetan Kulasri
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- Last Updated on 3 November, 2023
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Circular no. RBI/2023-24/80 CO.DPSS.POLC.No.S-786/02-14-008/2023-24; Dated: 31.10.2023
RBI has issued regulations aimed at governing entities that facilitate payment and settlement for online cross-border export/import transactions. These regulations include Payment Aggregators (PAs), which are entities that support the processing of domestic transactions in online mode. Now, the RBI aims to bring all entities involved in facilitating cross-border payment transactions for the import and export of goods and services under direct regulation.
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