Payment Aggregators fall within definition of Payment System; RBI has power to regulate them: Delhi High Court

The High Court upheld the 2020 RBI guidelines mandating the Payment Aggregators to switch to escrow accounts and to scale up their net worth to ₹25 crore by end of March 2023.

The Delhi High Court has held that Payment Aggregators (PAs) fall within the ambit of definition of Payment Systems and, therefore, the Reserve Bank of India (RBI) can frame guidelines to regulate them [Lotus Pay Solutions Pvt Ltd & Anr v Union of India & Ors].

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