New Delhi, Sept. 15 -- The Delhi High Court has asked the Reserve Bank of India (RBI) to step in as a mediator and facilitator in a dispute involving PayU Payments Private Limited, Yes Bank, other acquiring banks and Visa over alleged wrong Merchant Category Codes (MCCs) and consequent Interchange Reimbursement Fee (IRF) claims.

Justice Subramonium Prasad directed the RBI to depute a senior officer well-versed in the subject to endeavour to find a solution within 30 days. The Court, however, made it clear that the RBI's role would be confined to mediation and facilitation and that it would not act as a dispute-resolution authority under Section 24 of the Payment and Settlement Systems Act, 2007 (PSS Act).

As an interim arrangement, the ...