Effective or announced 15 September 2025Impact for foreign investors: medium
What changed
RBI issued directions for payment aggregators on 15 September 2025. An applicant needs net worth of ₹15 crore at the time of application and must reach ₹25 crore over the next three years. Banks acting as aggregators need no separate net-worth threshold.
Who it affects
Foreign payment firms and fintechs planning to offer payment aggregation to Indian merchants through an onshore entity, and investors valuing such businesses.
What to do
Build the capital plan around both thresholds before applying. Confirm the authorisation route and timing with RBI, and check whether any shareholder triggers the land-border rule.