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Co-lead or crown? Tussle for Omnicom–IPG leadership race in India heats up
MeitY holds talks with banks, payment firms; says “offshore betting must be blocked”
Officials from RazorPay, PhonePe, Stripe, RBL Bank, and Yes Bank attended the meeting, which was chaired by the MeitY secretary and the Deputy Governor of the Reserve Bank of India (RBI).
The banks and payment gateways have requested additional time to process refunds and chargebacks for users affected by the ban.
The Ministry of Electronics and IT (MeitY) convened a high-level meeting on Friday with senior representatives from leading banks and payment firms to discuss the operational rollout of the Promotion and Regulation of Online Gaming Act, 2025, sources said.
According to sources, officials from RazorPay, PhonePe, Stripe, RBL Bank, and Yes Bank attended the meeting, which was chaired by the MeitY officials and the Deputy Governor of the Reserve Bank of India (RBI).
A source familiar with the discussions said, “The government will formulate rules for banking and payment gateways to differentiate between esports and social games, and recently banned real-money games for conducting transactions.”
The banks and payment gateways have requested additional time to process refunds and chargebacks for users affected by the ban. “The government has repeatedly emphasised that users of these real-money gaming platforms must not face any trouble while withdrawing funds, and banks and payment gateways should facilitate smooth transfers,” the source added.
MeitY officials also discussed measures to tackle offshore betting and gambling firms operating in India and depositing funds via Indian banks and payment gateways.
The Centre had called the meeting at 4 pm on Friday to outline the implementation roadmap of the new law, which prohibits all forms of real-money gaming. Key discussion points included halting the flow of money to banned platforms, ensuring compliance with anti-money laundering norms, and establishing refund mechanisms for consumers with balances in gaming wallets.
This marks the first major engagement between the government and the financial sector since the bill was passed. Officials are expected to deliberate on ways in which financial institutions can support permissible models, such as esports and online social games, while safeguarding against illicit transactions.
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