Home » Current Affairs In-depths & Editorials » GS3 » Economy » Banking » Payment Aggregator Cross Border (PA-CB)

Payment Aggregator Cross Border (PA-CB)

Santhosh Kumar 02/11/2023

Payment Aggregator Cross Border (PA-CB) mind map with below nodes
Context
Reserve Bank of India (RBI) announcement
Direct regulation
Of entities facilitating cross border payment transactions
Payment Aggregators
Entities that enable
E-commerce sites and merchants
To accept various payment instruments
Without creating own systems
Payment Aggregator-Cross Border (PA-CB)
Facilitate cross-border online payments
For import and export
Of permissible goods and services
Categories
Export-only PA-CB
Import-only PA-CB
Export and import PA-CB
New RBI regulation
Authorised Dealer (AD) Category-I banks
No separate approval needed for PA-CB activity
Existing Non-banks providing PA-CB services
Must apply for RBI authorisation
By April 30, 2024
Must register with Financial Intelligence Unit-India (FIU-IND)
Minimum net worth requirements
Rs. 15 crore at time of applying
Rs. 25 crore by March 31, 2026
New non-bank PA-CBs
Minimum net worth
Rs 15 crore at application
Rs. 25 crore by end of 3rd financial year
Other conditions
Maximum value per unit
Rs. 25,00,000
Due diligence for imports exceeding Rs 2.5 lakh
Undertaken by PA-CB
Customer due diligence
Undertaken by the merchant
Proceeds from Export Collection Account (ECA)
Settled in merchant's account

If you like this post, please share your feedback in the comments section below so that we will upload more posts like this.

Related Posts

PAN 2.0 Project Approved by Union Cabinet

PAN 2.0 Project Approved by Union Cabinet

09/12/2024 / Banking

Payments Infrastructure Development Fund (PIDF) Scheme

Payments Infrastructure Development Fund (PIDF) Scheme

24/12/2023 / Banking

Twin-Balance Sheet problem upsc notes Context Finance Minister Nirmala Sitharaman's statement Indian economy has twin-balance sheet advantage Source: TH What Both banks and corporates face financial distress High amount of non-performing assets (bad loans) (NPA) NPA of public sector banks was 12% in 2016-17 Corporates have accumulated excessive debt RBI's Financial Stability Report Banking and corporate sector balance sheets have strengthened India might have twin balance sheet advantage Gross NPA ratio at 10-year low of 3.9% Corporate balance sheet healthiest in 10 years Profitability of public sector banks tripled since 2014 Reached over ₹1 lakh crore in 2022-23 Government initiatives 4R strategy (Recognizing, recapitalizing, resolving, reforming) Central Repository of Information on Large Credits (CRILC) Banks share information on large loans Insolvency and Bankruptcy Code, 2016 National Asset Reconstruction Company (NARCL) To handle bad debt

Twin-Balance Sheet problem

12/07/2023 / NPA

RBI Approves Interoperable Net Banking Payments for Merchants mind map Recent News RBI Governor approves NPCI collaboration Bharat BillPay Ltd (NBBL) When Announcement date March 4, 2024 Why Streamline merchant settlements Reduce Merchant Discount Rate (MDR) What Creation of an interoperable system Quicker settlements Direct merchant payments Impact Facilitates online banking settlement Where Platform implementation India-wide Who Reserve Bank of India (RBI) Governor Shaktikanta Das National Payments Corporation of India (NPCI) Bharat Bill Payment System (BBPS) How Process before implementation Customer's bank Merchant's bank Payment aggregators New system operation Direct account dealings Faster transaction settlements Significance Enhanced efficiency in payments Potential reduction in costs for merchants Challenges Implementation hurdles Technological integration Compliance with existing infrastructure Way Forward Comprehensive rollout plan Technical support Awareness campaigns for merchants

RBI Approves Interoperable Net Banking Payments for Merchants

06/03/2024 / Banking

Categories: Banking

Tags: 2.11.2023, Newsbits

Subscribe

0 Comments

Inline Feedbacks

View all comments

X