Update your setup to work with our new banking partners.
As per the revised guidelines for PA/PG by the Reserve Bank of India, on directions for opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries, Razorpay needs to have an escrow account. We have chosen RBL as the banking partner for the creation of this escrow account.
As these PA/PG guidelines come into effect, we have to shut down the existing Virtual Accounts built on top of Yes Bank and ICICI Bank and move all our banking operations to the escrow account that we have created with RBL Bank.
Post migration, you will be able to view both the old as well as newly created Virtual Account in the Dashboard until 31st January 2022.
If you have a Virtual Account built on top of Yes Bank and ICICI Bank, then post migration, the new virtual response will contain the new RBL VA details under the receivers array. The receivers array will contain two objects, one for the new RBL Virtual Account and another for the existing Yes Bank/ICICI Bank Virtual Account. Check the IFSC Code to confirm the newly created Virtual Account with RBL Bank. The IFSC Code will be RATN0VAAPIS.
The following sample response code can be used as a reference:
You will be able to use both your new (RBL Bank) and existing (ICICI Bank and YES Bank) Virtual Accounts until 31st January 2022. Post which, you will not be able to receive any payments on your existing (ICICI and YES Bank) Virtual Accounts.
The account number and/or IFSC codes for all the impacted Virtual Accounts will change. You will need to communicate about these changes to your respective customers so that they can add these new Virtual Accounts as beneficiaries for future NEFT/IMPS/RTGS payments.