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PayU gets RBI approval to operate as payment aggregator

Source: PayU

PayU, one of India’s leading digital financial services providers, today announced that it has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements Act, 2007. With this approval, PayU can start onboarding new merchants on its platform.

Expressing his enthusiasm, Anirban Mukherjee, CEO, PayU, said, "We would like to thank Reserve Bank of India (RBI) for granting PayU the in-principle approval to operate as a Payment Aggregator. This validation by RBI fills us with joy as it paves the way for us to welcome new businesses onto our platform. This is also a testament to our relentless focus on compliance and corporate governance."

He further added, “This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with government's Digital India initiative and the RBI's forward-thinking regulations, we are dedicated to driving digitization and financial inclusion, particularly for small merchants.”

PayU has garnered tremendous interest from businesses across sectors and sizes to join its platform. The RBI’s in-principle approval underpins the company’s mission to build a world-leading digital payment infrastructure that originates from India, for India and the world, accelerating its next growth phase in India. 

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