RBI updates its Master Direction on Payment Aggregators as on 11 November 2026
TaxByKK · Compliance News · taxbykk.com11 Nov 2026
In short
The Reserve Bank of India has put out the Master Direction on Regulation of Payment Aggregators (PA) 'updated as on November 11, 2026'. The covering letter still carries the original date, 15 September 2025, and the document does not mark which provisions were changed. It applies to bank and non-bank payment aggregators and to the banks that work with them. The visible 2026 references are to RBI's cyber resilience direction for non-bank payment system operators (5 November 2026) and to its Master Directions on authorisation of payment systems (15 June 2026).
- Authority
- Reserve Bank of India, Department of Payment and Settlement Systems
- Document
- Master Direction on Regulation of Payment Aggregator (PA), RBI/DPSS/2025-26/141, CO.DPSS.POLC.No.S-633/02-14-008/2025-26
- Original date
- 15 September 2025
- Updated as on
- 11 November 2026
- Made under
- Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007, and Sections 10(4) and 11(1) of FEMA, 1999
- Applies to
- Bank and non-bank payment aggregators; authorised dealer banks and scheduled commercial banks that engage with them
- Net worth (non-bank PA)
- Rs 15 crore when applying; Rs 25 crore by the end of the third financial year after authorisation; maintained on an ongoing basis
- Escrow
- Funds aggregated only for merchants with a contract; escrow balance not below amounts payable to merchants; interest only on the 'core portion' for existing PAs that qualify
What changed
| Item | Before | Now |
|---|---|---|
| Cyber security (para 9) | - | The PA is to follow RBI's circular of 5 November 2026 on Cyber Resilience and Digital Payment Security Controls for non-bank payment system operators, in addition to an annual system and cyber audit by CERT-In empanelled auditors |
| Net worth (para 6) | - | Computed under RBI's 15 June 2026 Master Directions on authorisation of payment systems; compulsorily convertible preference shares count, deferred tax assets are deducted |
| Refunds | - | All refunds go to the original method of payment unless the payer asks for another mode of their own |
The document does not list what changed from the September 2025 text, so the table shows only provisions that carry the newer 2026 references or that matter to merchants and customers. Compare it with the 2025 version before relying on a particular clause.
Who it applies to
- Payment aggregators and their compliance officers
- Banks acting as acquiring banks or holding escrow accounts
- E-commerce marketplaces and merchants that use aggregators
- CAs, CSs and lawyers advising fintech and payment businesses
What to do
- Compare the updated text with the September 2025 Master Direction and record the differences.
- Check the cyber audit and resilience programme against the 5 November 2026 direction.
- Confirm net worth is computed on the June 2026 basis.
- Review merchant agreements for settlement timelines and refund-to-source terms.
Reference
Reserve Bank of India, Master Direction on Regulation of Payment Aggregator (PA), RBI/DPSS/2025-26/141 dated 15 September 2025 (Updated as on November 11, 2026).
Read the official PDF: RBI Master Direction (updated 11 Nov 2026)Written by TaxByKK from the official notification. Check the official text before you act on it.
Frequently asked questions
Is this a new Master Direction?
It is the September 2025 Master Direction, updated as on 11 November 2026. The document does not mark the changes.
What is the net worth requirement for a non-bank PA?
Rs 15 crore when applying, and Rs 25 crore by the end of the third financial year after authorisation.
Where do refunds go?
To the original method of payment, unless the payer asks for another mode belonging to the payer.
Open the rbi master direction (updated 11 nov 2026) Download