Account Aggregator (AA) is an entity regulated by RBI AA facilitates sharing customers’ financial data between financial service providers, with the consent of the customer AA does not store any customer data; it only passes data from one financial service provider to another ...
Technology Service Providers (TSP) are employed in conjunction with Account Aggregators. Account aggregators enable data sharing from across various financial sector institutions. They allow users to consent to FIUs (Financial Information Users) accessing their data from FIPs (Financial Information Provide...
Cashfree Payments hasobtainedthe Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license. This positions Cashfree Payments among the first fintech companies to receive the PPI license from RBI. Previously, it has receivedPayment Aggregator (PA), andPayment Aggregator-Cross Border (P...
Topic: RBI 11.RBI gave approval to 32 entities to act as payment aggregators. Reserve Bank of India (RBI) has authorized 32 existing payment aggregators (PAs) to operate as online payment aggregators. These entities include Amazon (Pay) India Pvt Ltd, Computer Age Management Services Ltd, G...
The use of PAs by various entities is governed under separate regulations, the PA Guidelines, which also mandate the use of the escrow account. It is unclear whether the current DL guidelines intend to exclude the use of PAs given that payment aggregation is a separately regulated activity with...
The Reserve Bank of India introduced the CBDC, e-rupee, in pilot mode in2022.The currency is in the form of a digital token, not unlike cryptocurrency. However, it is centralised and regulated by the Central Bank. The RBI called it a legal tender. Currently, 13 banks offer CBDC through...