On 31 October 2023, the Reserve Bank of India (RBI) issued the circular on ‘Regulation of Payment Aggregator – Cross Border (PA – Cross Border)’ (PA – CB Directions) addressed to all payment system providers and payment system participants. This follows the draft circular on ‘Processing and settlement of small value Export and Import related payments facilitated by ‘Online Export-Import Facilitators (OEIF) (erstwhile OPGSP)’ issued by the RBI on 7 April 2022 (Draft OEIF Directions).
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