This company providing online payment facility in the country, RBI gave in-principle approval to 32 aggregators

RBI Payment Aggregator License: Big news is coming from the Reserve Bank of India (RBI) regarding online payment in the country. Giving information on Wednesday, RBI Bank said that, 32 existing payment aggregators in the country have been given in-principle approval to work as online payment aggregators. With this, many options will be available in the market for the public to transfer money online in the country. Know what is the complete information related to it.

got in-principle approval

RBI said in the information that among the Payment Aggregators (PA) which have been approved in principle, Amazon (Pay) India Private Limited, Google India Digital Services Private Limited (Google India Digital Services Private Limited), Infibeam Avenues Limited, Reliance Payment Solutions Limited and Zomato Payments Private Limited. The Reserve Bank also said that 18 more existing payment aggregators are in the process of application. Soon they can also be given permission.

RBI gave information on Twitter

Applications of Online Payment Aggregators received under the Payment and Settlement Systems Act, 2007 – Statushttps://t.co/xrMSKdHy6j

— ReserveBankOfIndia (@RBI) February 15, 2023

RBI has shared this information on the social media platform Twitter. RBI told through its official Twitter that what is the status of applications of online payment aggregators received under the Payment and Settlement Systems Act 2007. At least 185 fintech firms, including Cred, Razorpay and PhonePe, had submitted applications for payment aggregator licences.

extended time for application

The date of application towards RBI has been extended. RBI issued guidelines for regulation of payment aggregators and payment gateways on 17 March 2020 and 31 March 2021. As per the new guidelines, till March 17, 2020, all online non-bank payment aggregators (PAs) were to submit their applications for approval under the Payment and Settlement Systems Act 2007 before September 30, 2021. But later RBI extended the last date for submission of application for 1 year till 30 September 2022. Then RBI said that unless an institution obtains approval under Section 7 of the Payment and Settlement System Act, its in-principle approval will not be considered valid.

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