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

The Delhi High Court has asked the RBI to mediate a dispute involving Prosus-backed fintech platform PayU Payments , YES Bank, ICICI Bank, other acquiring banks, and Visa over interchange reimbursement fee (IRF) claims arising from the alleged misclassification of merchant category codes (MCCs). The court directed the parties to maintain the status quo on claims arising from past transactions and barred acquiring banks from making further deductions from PayU’s settlements while the mediation is