Fintech

Fintech BharatPe receives in-principle approval from RBI to operate as online payment aggregator

Fintech News

On Tuesday, January 10, fintech platform BharatPe announced that it has received in-principle approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA). 

According to the company, the in-principle approval was given to Resilient Payments Private Ltd, a 100 percent  subsidiary of Resilient Innovations Private Ltd. (BharatPe).

 “At BharatPe, we have been committed to empowering offline merchants and kirana store owners in the country and have already built a network of one crore merchants across more than 400 cities.” said Nalin Negi, Chief Financial Officer and interim CEO of BharatPe. 

BharatPe receives in-principle approval from RBI to operate as online payment aggregator

The payment aggregator framework, which went into effect in March 2020, requires that only firms approved by the RBI can acquire and provide payment services to merchants. The RBI has been rigorous in its assessment of entities that have applied for payment aggregator licenses. CNBC reported. 

Multiple online payment gateways seeking the aggregator license were scrutinized by the central bank for know-your-customer (KYC) issues, previous dealings with cryptocurrency exchanges and gaming apps, and failure to meet the RBI’s net worth criteria.

 

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