RBI Approves PayU’s Operation as a Payment Aggregator in Principle

The Reserve Bank has given fintech business PayU in-principle clearance to function as a payment aggregator, the company said on Wednesday. PayU, a company of the Prosus Group, had its applications returned by the RBI in January 2023 and was instructed to resubmit them within 120 days.

PayU is now able to onboard new merchants and provide them with digital payment services since they have received in-principle permission. “This license is essential to our goal of building an internationally recognized digital payment system with Indian roots. We are committed to promoting digitalization and financial inclusion, especially for small merchants, in line with the government’s Digital India agenda and the RBI’s progressive policies, according to PayU CEO Anirban Mukherjee.