RBI to control entities enabling cross-border payment transactions
Financial Express Mumbai|November 01, 2023
THE RESERVE BANK of India (RBI) on Tuesday said it has been decided to bring all entities facilitating cross-border payment transactions for import and export of goods and services under direct regulation of the regulator. Such entities, form hereon, shall be treated as Payment Aggregator-Cross Border (PA-CB), the regulator said
RBI to control entities enabling cross-border payment transactions

The RBI said that currently authorised dealer (AD) category-1 banks do not require separate approval from the RBI for undertaking cross border payment transactions.

However, non-bank entities, which provide PA-CB services as on date, shall apply to the RBI for authorisation by April 30, 2024.

Entities shall be allowed to continue such services till they receive communication from the RBI regarding the decision on their application, the central bank said. Authorisation for PA-CB activity may be sought for any one of the following categories export only PA-CB, import only PA-CB and export and import PA-CB.

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