Economy

RBI gives nod to 32 more firms to operate as payment aggregators

The Reserve Bank of India (RBI) has granted in-principle approval to 32 payment aggregators which include Amazon Pay, Google India Digital Services Pvt Ltd, Infibeam Avenues Ltd, Reliance Payment Solutions among others.

The RBI is also considering 18 other applications including that of PhonePe and BhartiPay Services. The central bank has returned applications of four aggregators — Axis Bank led FreeCharge, PayTM Payments and PayU Payments.

Aggregators, whose applications have been returned would be able to re-apply to the RBI within 120 days from the date of return.

“All stakeholders are advised to transact with only those existing PAs who have been granted in-principle authorisation or whose application is currently under process,” the RBI said in a statement today. The firms, authorised to operate as payment aggregators will come under the direct regulatory ambit of the central bank.

RBI introduced the payment aggregator framework, formally in March 2020. Only firms that have been approved by the RBI can acquire and offer payment services.

Also read: Cardless Cash Withdrawal From All ATMs To Be Available Soon Via UPI: RBI Governor Shaktikanta Das

IN Bureau

Recent Posts

MEA condemns Canada’s “baseless references” against Home Minister Amit Shah

The Ministry of External Affairs (MEA) on Saturday strongly protested against recent allegations made by…

5 hours ago

“Verification patrolling has commenced… in Demchok and Depsang”: MEA on disengagement between India and China

The Ministry of External Affairs on Saturday said that verification patrolling has commenced in Demchok…

6 hours ago

“Sanctioned companies not in violation of Indian law,” says MEA after US sanctions 19 Indian companies

The Ministry of External Affairs on Saturday reacted to the recent U.S. sanctions imposed on…

7 hours ago

Two terrorists killed in encounter with security forces in J-K’s Anantnag

Two terrorists were killed by security forces during an encounter in Jammu and Kashmir's Anantnag…

9 hours ago

“Not an issue of security lapses, security forces giving befitting reply”: Rajnath Singh on J-K terror attacks

Terming the recent terror attacks in Jammu and Kashmir as "unfortunate", Union Defence Minister Rajnath…

10 hours ago

Nasirabad: BYC holds demonstrations against enforced disappearances by Pakistan’s forces

The Baloch Yakjehti Committee (BYC) held demonstrations against the ongoing enforced disappearances by the Pakistan…

13 hours ago