PayU Gets the RBI Nod to Operate as a Payment Aggregator
PayU has been granted in-principle approval from the Reserve Bank of India (RBI) to work as a payment aggregator. The move will enable the fintech company to onboard new merchants on the platform.
The RBI, in January 2023, asked PayU to reapply for the licence. As a result, the company stopped onboarding new customers. Market reports indicate the complex corporate structure of the fintech firm was one of the reasons contributing to the rejection.
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