Delhi HC Asks RBI To Mediate PayU’s Dispute With Banks, Visa

by · Inc42

SUMMARY

  • The Delhi High Court has asked the RBI to mediate PayU’s dispute with YES Bank, ICICI Bank, other acquiring banks, and Visa over interchange fee claims arising from allegedly incorrect merchant codes
  • The court has temporarily barred further deductions from PayU’s settlements and stopped Visa from issuing final determinations on the pending claims while the mediation is underway
  • YES Bank allegedly continues to retain ₹6.88 Cr deducted from PayU, while claims totalling about ₹41.38 Cr are pending against three other acquiring banks