Mumbai, June 15 (TIWN) The Reserve Bank will from now on regulate non-bank payments aggregators.

Besides, existing non-bank PAs will be required to submit application seeking for authorisation on or before June, 30, 2021.  In its “Oversight Framework for Financial Market Infrastructures and Retail Payment Systems” released on Saturday, the RBI said: “With a view to safeguard the interests of the customers and users and to ensure that the payments made by the intermediaries using electronic or dig ital or online payment modes were duly accounted for by the intermediaries receiving such payments and transmitted to the accounts of the merchants or t o similar other entities, certain guidelines were issued to banks and payment system operators for addressing a few aspects of the functioning of intermediaries.”