News Post

RBI Cracks Down On Card Networks’ Tie-Ups With Payments Intermediaries

Inc42

· 4m
placeholder-image

The Reserve Bank of India (RBI) has directed an unnamed card network to suspend all card-based business payments made through payments intermediaries to entities that do not accept card payments. The RBI found that a card network had an arrangement allowing businesses to make card payments through intermediaries to entities that do not accept cards. The regulatory authority has advised the card network to halt such arrangements until further notice, as the matter is being examined in detail. The RBI also highlighted issues with fund pooling accounts, compliance with information requirements, and lack of required authorizations for such transactions.

No Comments yet

Download the medial app to read full posts, comements and news.