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.

It would appear as shown below:

API Interface Post Migration🔗

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:

 API Sample Response Code
Copy{
  "entity": "collection",
  "count": 2,
  "items": [
    {
      "id": "va_IirUUD9dDm4G4i",
      "name": "Test Account",
      "entity": "virtual_account",
      "status": "active",
      "description": "Vishnu Jangid",
      "amount_expected": null,
      "notes": {
        "project_name": "Vishnu Jangid"
      },
      "amount_paid": 0,
      "customer_id": null,
      "receivers": [
        {
          "id": "ba_IirUUYO8caNoK5",
          "entity": "bank_account",
          "ifsc": "YESB0CMSNOC",
          "bank_name": "Yes Bank",
          "name": "Test Account",
          "notes": [],
          "account_number": "2223330053041804"
        },
        {
          "id": "ba_IirUUYO8sh1602",
          "entity": "bank_account",
          "ifsc": "RATN0VAAPIS",
          "bank_name": "RBL Bank",
          "name": "Test Account",
          "notes": [],
          "account_number": "2223330053041804"
        }
      ],
      "close_by": 1681615838,
      "closed_at": null,
      "created_at": 1641997300
    }
  ]
}

Frequently Asked Questions (FAQs)🔗

Will this impact the Virtual Accounts I have created?🔗

All the existing Smart Collect merchants who have created Virtual Accounts either in YesBank or ICICI will be impacted. If you have a Virtual Account with RBL Bank, you will not be impacted.
Will all the Virtual Accounts be migrated to RBL Bank?🔗

All Virtual Accounts created with Yes Bank and ICICI Bank only will be migrated to RBL Bank.
What would be the impact on my Virtual Accounts?🔗

The Virtual Accounts created with Yes Bank and ICICI bank will be shut down on 31st January 2022. Post that, transfer of any funds to these virtual accounts will not be processed.
What if I specifically want a Virtual Account with Yes Bank or ICICI Bank?🔗

Unfortunately, due to the revised guidelines, we will not be able to support this.
Will I be able to continue using my existing Virtual Accounts?🔗

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.
What actions do I need to take?🔗

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.
What is the deadline for the migration?🔗

Till 31st January 2022, you may receive incoming payments on both the old as well as new Virtual Accounts. Post that, transfer of any funds to old virtual accounts will not be processed.

Account Migration - New PA/PG Guidelines