Insights
FinTech Alert: October 2023
November 6, 2023In this alert, we highlighted the RBI Circular on Regulation of Payment Aggregators Facilitating Cross Border Transactions.
The Reserve Bank of India (“RBI”) has issued a circular on ‘Regulation of Payment Aggregators – Cross Border’ on October 31, 2023 (“PA-CB Circular”), bringing all entities facilitating cross-border payment transactions for import and export of goods and services under the direct regulation of the RBI. The PA-CB Circular replaces the RBI’s earlier instructions on the facilitation of cross-border payments for small value export and import transactions, which were consolidated in the circular dated September 24, 2015 (“OPGSP Circular”).
