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RBI Extends PA Authorisation Application Window to Sept 2022

Current · Source: Reserve Bank of India · RBI/2022-23/94 · issued 28 Jul 2022 · ~2 min read
Quick answerRBI has given non-bank Payment Aggregators (PAs) existing as on March 17, 2020, a fresh window until September 30, 2022, to apply for authorisation under PSS Act. They must have ₹15 crore net worth by March 31, 2022, and can continue operations until RBI decides on their application.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore works with a small non-bank PA that helps local jewelers accept card payments online. The PA missed the earlier application deadline because it didn't have ₹15 crore net worth by March 31, 2021. Thanks to this extension, the officer can tell the PA to apply by September 30, 2022, and confirm they now have ₹15 crore net worth as of March 31, 2022, so the jewelers' payment service won't suddenly stop.

What changed

RBI observed that some PAs had their applications returned for not meeting eligibility criteria, including the minimum net worth of ₹15 crore by March 31, 2021, forcing them to stop operations within six months. To avoid disruption in the payments ecosystem due to COVID-19, RBI now allows these PAs a new window to apply by September 30, 2022, with net worth as on March 31, 2022. They can continue operations until RBI communicates the decision on their application.

What it means for you

Banks and lenders dealing with non-bank PAs should note that these PAs now have extra time to regularise their authorisation status, reducing the risk of sudden service disruptions. The ₹25 crore net worth deadline of March 31, 2023, remains unchanged, so PAs must still plan for that milestone. This extension gives the ecosystem breathing room but does not relax the ultimate compliance requirements.

What you must do

Who it affects

Non-bank Payment Aggregators (PAs) existing as on March 17, 2020, Banks and lenders that partner with such PAs, Payment system participants and providers

❓ Common questions

What is the new deadline for PAs to apply for authorisation?

Existing non-bank PAs (as on March 17, 2020) can now apply by September 30, 2022, instead of the earlier September 30, 2021 deadline.

Can PAs continue operations while their application is pending?

Yes, they are permitted to continue operations until they receive communication from RBI regarding the fate of their application.

Is the ₹25 crore net worth deadline still March 31, 2023?

Yes, the timeline of March 31, 2023 for achieving the net worth of ₹25 crore remains unchanged.

📜 Read the original circular — full text as issued by RBI
RBI/2022-23/94 CO.DPSS.POLC.No.S-761/02-14-008/2022-23 July 28, 2022 All Payment System Providers and Payment System Participants Madam / Dear Sir, Regulation of Payment Aggregators – Timeline for submission of applications for authorisation – Review Reference is invited to Reserve Bank of India (RBI) circulars DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020 and CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 on “ Guidelines on Regulation of Payment Aggregators and Payment Gateways ”. In terms of these circulars, online non-bank Payment Aggregators (PAs) – existing as on March 17, 2020 – were required to apply to RBI by September 30, 2021 i for seeking authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act). 2. It is observed that applications received from some PAs had to be returned as they had not complied with eligibility criteria, including the minimum net worth criterion of ₹15 crore by March 31, 2021. This also implied that they have to discontinue their operations within a period of six months from the date of return of application. Though they have the option to apply afresh on meeting the prescribed criteria, ceasing operations may lead to disruption in payment systems. It is also possible that some PAs had not applied to RBI due to non-fulfilment of eligibility criteria. 3. Keeping in view the disruption caused by the COVID-19 pandemic, and to ensure smooth functioning of the payments ecosystem, it has since been decided to allow another window to all such PAs (existing as on March 17, 2020) to apply to RBI. They can apply by September 30, 2022 and shall have a net worth of ₹15 crore as on March 31, 2022. They shall be permitted to continue their operations till they receive communication from RBI regarding the fate of their application. The timeline of March 31, 2023 for achieving the net worth of ₹25 crore shall, however, remain. 4. All other provisions of the circulars referred to above, shall continue to be applicable. 5. This directive is issued under Section 10 (2) read with Section 18 of the PSS Act, 2007 (Act 51 of 2007). Yours faithfully, (P. Vasudevan) Chief General Manager i Earlier timeline was June 30, 2021; this was extended, vide RBI circular CO.DPSS.POLC.No.S-106/02-14-003/2021-2022 dated May 21, 2021 on “ Relaxation in timeline for compliance with various payment system requirements ”.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/94 · issued 28 Jul 2022. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Advise PAs to maintain operations only until RBI communicates the application outcome.
📜 Compliance
  • Verify if your partner PAs are existing as on March 17, 2020, and ensure they apply by September 30, 2022.
  • Confirm that such PAs have achieved ₹15 crore net worth as on March 31, 2022.
  • Monitor the ₹25 crore net worth deadline of March 31, 2023, for all PAs in your network.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Non-bank Payment Aggregators (PAs) existing as on March 17, 2020, Banks and lenders that partner with such PAs, Payment system participants and providers), your first concrete step on “RBI Extends PA Authorisation Application Window to Sept 2022” is: “Verify if your partner PAs are existing as on March 17, 2020, and ensure they apply by September 30, 2022.” (RBI issued this 28 Jul 2022).

  1. Circular: RBI/2022-23/94 -- RBI Extends PA Authorisation Application Window to Sept 2022
  2. Issued: 28 Jul 2022
  3. Action required: Verify if your partner PAs are existing as on March 17, 2020, and ensure they apply by September 30, 2022.
  4. Action required: Confirm that such PAs have achieved ₹15 crore net worth as on March 31, 2022.
  5. Action required: Monitor the ₹25 crore net worth deadline of March 31, 2023, for all PAs in your network.
  6. Action required: Advise PAs to maintain operations only until RBI communicates the application outcome.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12362&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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