Limit Payment License For Free

Activities That Can Be Performed By Payment Banks Payment banks can take deposits up to Rs. 2,00,000. It can accept demand deposits in the form of savings and current accounts. The money received as deposits can be invested in secure government securities only in the form of Statutory Liquidity Ratio (SLR).

Yes, funds transfer is allowed from a 'Full-KYC' PPI within a limit of ?10,000/- per month per holder. However, an enhanced limit of up to ?2,00,000/- per month per beneficiary can be availed if the beneficiary is 'pre-registered' by PPI holder.

Under the payment aggregator framework, only firms approved by the RBI can acquire and offer payment services to merchants. A company applying for aggregator authorisation must have a minimum net worth of Rs 15 crore in the first year of application, and at least Rs 25 crore by the second year.

The Reserve Bank of India (RBI) issued the ?Guidelines on Regulation of Payment Aggregators and Payment Gateways? in March 2020 and introduced various measures for payment aggregators operating in India, including requirements for licensing, governance, Know Your Customer (KYC) and onboarding, the settlement and ...

Minimum Capital Requirement. Payment Aggregators in India must have a minimum net value of INR 15 crore at the time of application, whether they are a new firm or an existing entity. The net worth must then increase to 25 crores within the guidelines' defined time range.

The payment aggregator applying to the RBI for a license must be a company incorporated in India under the Companies Act, 1956/2013 and the Memorandum of Association (MoA) of the applicant entity must cover the proposed activity of operating as a payment aggregator.

Online payment aggregators are entities that on-board digital merchants and accept payments on their behalf after getting a licence by the banking regulator.