Categories: Banking

BharatPe Gets in-principle nod from RBI to Operate as Online Payment Aggregator

Fintech platform BharatPe said it has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA). The company said that an in-principle nod was awarded to Resilient Payments Private Ltd, a 100 percent subsidiary of Resilient Innovations Private Ltd (BharatPe).

Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks

More About This Development:

RBI’s nod comes amid a slew of high profile exits the Sequoia Capital and Tiger Global-backed firm, which has been battling controversies since last year. It is currently fighting a court battle with its former co-founder Ashneer Grover alleging financial misappropriation. Grover was ousted last year in March.

About the payment aggregator framework:

  • Payment aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers. The merchants do not need to create a separate payment integration system of their own.
  • The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment services to merchants. RBI has been strict in its evaluation of entities that have applied for the payment aggregator licence.
  • Multiple online payment gateways seeking the aggregator licence came under intense scrutiny from the central bank for – know-your-customer (KYC) related issues, past dealings with cryptocurrency exchanges and gaming apps, and for not complying with the net worth criteria that RBI had set out.
  • Some fintech firms like Razorpay, Pine Labs, Open, Cahfree, 1Pay have already received RBI approval for PA in the last few months. Over 185 fintech enterprises and startups which had submitted their proposals for a payment aggregator licence.

Piyush Shukla

Recent Posts

Which is the Highest Desert in the World? Know About It

Some deserts are known for their burning heat, but there are also deserts found in…

13 hours ago

U-19 Asia Cup Schedule 2025: Full List of Matches, Groups & Squads

The U-19 Asia Cup Schedule 2025 is officially out, and cricket fans are set for…

13 hours ago

U-19 Asia Cup 2025, Vaibhav Suryavanshi Smashes 171 as India Dominate UAE

India’s 14-year-old batting prodigy Vaibhav Suryavanshi delivered another jaw-dropping performance as he hammered a scintillating…

14 hours ago

Who was Known as the Father of Modern Cuisine?

The father of modern cuisine is a title given to a legendary chef who transformed…

14 hours ago

Which Indian State has the Largest Wasteland Area?

Wastelands are areas of land that cannot be used for farming, construction or other productive…

14 hours ago

Which City of France is Known as the City of Wine?

France is famous for its rich culture, beautiful landscapes and delicious cuisine. One of its…

14 hours ago