RBI asks PayU India to reapply for payment aggregator licence
- ByStartupStory | January 13, 2023
B2B payment service provider PayU was asked by The Reserve Bank of India (RBI) to reapply for its payment aggregator (PA) license. As of now, the fintech unicorn has stopped onboarding new merchants.
A spokesperson stated “We have received feedback from RBI on our PA application. We will work with them over the next 120 days to address some aspects and to resubmit our application. One of the key aspects is the simplification of our corporate structure and we are already quite well progressed with some suggested solutions.”
On Tuesday, fintech unicorn BharatPe received in-principle approval from the regulator to operate as an online payment aggregator (PA). The approval has been awarded to Resilient Payments Private Limited, a wholly-owned subsidiary of BharatPe.
“Other businesses of PayU Payments including offline and BBPS (Bharat Bill Payment System) are not impacted and can continue as usual and new merchants can be on-boarded,” the statement said.
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