Mumbai, April 18 -- The Reserve Bank of India (RBI) has released draft guidelines aimed at better regulating payment aggregators operating in the country.
The norms unveiled on Tuesday outline specific Know Your Customer (KYC) requirements that payment aggregators need to fulfil while onboarding small and medium merchants onto their platforms.
Under the draft norms, payment aggregators will have to undertake contact point verification and duly verify the bank accounts of small merchants with an annual turnover below Rs 5 lakh who are not registered under the Goods and Services Tax (GST).
For medium merchants, the guidelines mandate contact verification, verification of officially valid documents of proprietors/owners, and verification...