Delhi HC Asks RBI To Mediate PayU’s Dispute With Banks, Visa
The Delhi High Court has directed the RBI to appoint a senior official to mediate in PayU's dispute with YES Bank, ICICI Bank, and Visa over fees for incorrect merchant category codes. The court barred banks from further deductions from PayU's settlements and suspended Visa's final decisions on claims for 30 days.
- YES Bank withholds ₹6.88 cr, disputes with three banks total about ₹41.38 cr
- Court barred banks from deducting disputed amounts from PayU settlements
- Visa cannot issue final decisions on IRF claims during mediation
- Next hearing scheduled for October 27
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