AML & Compliance12 min readJuly 2026
12 Mistakes That Delay Your RBI Payment Aggregator License Approval in India
Abhishek TuppadaRead
Written by the Verafye founding team. Practical guidance for payment aggregators, PSPs, and regulated fintechs navigating fraud detection, AML compliance, and merchant risk.
Most PA license applications that stall do not stall because the RBI rejected them.
Your five cleanest merchants might be the same fraud ring.
The deadline has already passed.
If your AI model cannot see relationships, it is not doing anything a rule engine could not already do faster.
A compliance team at an Indian NBFC ran a routine audit last year and found something strange in their loan book.
The merchant that passed your annual review in January is not the same merchant today.
A fraud team traced a loan app scam back to its settlement layer and found something they did not expect.
A compliance officer described their alert workload like this: "We review four hundred transaction monitoring alerts every week. Thirty-seven of them, on ave…
An online lender's fraud team noticed something odd last month.
Cutting false positives sounds like a win. It is usually a warning sign.
More alerts does not mean more fraud caught.
A mule account looks harmless on its own.
A payment aggregator can be fully RBI-authorised and still be out of compliance with FIU-IND.
A merchant applies with a PAN card, a GST certificate, a business registration.
A fraud team caught something unusual last quarter - not because their system flagged it, but because it didn't.
A merchant clears KYC in March.
Here is what a fraud analyst at an Indian payment aggregator found during a routine review.
The Verafye Risk Shadowing Review maps your existing monitoring stack against relationship-level blind spots — before fraud exploits them.
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