On 15 September 2025, the Reserve Bank of India (RBI) issued a consolidated Master Direction on the regulation of Payment Aggregators (PAs), including a significant overhaul of the framework for Payment Aggregators - Cross Border (PA-CBs). Below is a breakdown of some key changes for PA-CBs: Beyond Export and Import Old definition:  PA-CBs are entities that facilitate cross-border payment transactions for import and export of permissible goods and services in online mode. New