PAs who aid in face-to-face transactions at merchant outlets!!! Regulations of Offline Payment.Governor Shaktikanta Das said on Friday that offline payment aggregators (PAs), which support in-person transactions at merchant outlets, will now fall under the regulatory ambit of the RBI. After announcing the bimonthly policy review, Das stated, “Keeping in view the same nature of operations conducted by online and offline PAs, it is suggested to apply the current laws to offline PAs as well.”
After the change, according to Das, there will be “convergence on standards of data collecting and storage,” which means that these businesses won’t be able to save information about a customer’s credit and debit cards.
The governor claimed that because PAs are crucial to the payments ecosystem, they were regulated in March 2020 and given the title of Payment System Operators (PSOs).
He added that offline PAs who handle close-proximity/face-to-face transactions and are crucial to the growth of digital payments are not covered by the present legislation, which are solely applicable to PAs processing online or e-commerce transactions.
Das also disclosed that there would be a rationalisation of the requirements for regional rural banks (RRBs) to be able to offer online banking to its clients.
According to him, RRBs are currently permitted to offer Internet Banking to their clients with previous Reserve Bank permission, provided that certain financial and non-financial requirements are met.
Das said the decision has been taken keeping in view the need to promote the spread of digital banking in rural areas and added that guidelines will be issued on the same soon.
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