Payment aggregators to approach RBI seeking relief

Payment aggregators are set to lobby the Reserve Bank of India (RBI) on the new digital lending guidelines that have eliminated the need for intermediaries, said two people familiar with the development.

The regulator has mandated that all loans go directly from regulated entities to customer accounts, eliminating the role of payment aggregators in these transactions. The aggregators and their lobby group Fintech Association for Consumer Empowerment (FACE) are seeking a relaxation of these norms, which jeopardise the business model.