By Payment technology giants, including Mastercard and Visa, have been instructed by the Reserve Bank of India (RBI) to discontinue processing commercial payments from companies. As of the letter released on February 8, the RBI has mandated these institutions to halt all transactions involving Business Payment Solution Providers (BPSP) until further notice. For a comprehensive understanding of the restrictions imposed on these entities post the Paytm incident, further details can be explored.
Following the previous ban on Paytm payments, the Reserve Bank of India (RBI) has taken another significant step. The RBI has issued a directive on February 8, instructing payment technology companies like Mastercard and Visa to cease processing commercial payments made by companies through cards. These institutions are mandated to suspend all transactions involving Business Payment Solution Providers (BPSP) until further notice. To gain a comprehensive understanding of the restrictions imposed on these entities after the Paytm incident, further details can be explored.
