BharatPe receives In-Principle nod from RBI for Online Payment Aggregator.
BharatPe Group today announced that it has received in-principle authorization from Reserve Bank of India (RBI) to operate as an Online Payment Aggregator. The company shared that the in-principle approval has been awarded to Resilient Payments Private Limited, a 100% owned subsidiary of Resilient Innovations Private Limited (BharatPe).
Speaking on the development, Nalin Negi, CFO and interim CEO, BharatPe, said “We are really excited to receive the in-principle approval for the Online Payment Aggregator License and are thankful to the regulators for entrusting their faith on us. At BharatPe, we have been committed to empowering offline merchants and kirana store owners in the country and have already built a network of 1 crore merchants across 400+ cities. This in-principle approval will help catapult our expansion plans and enable us to reach out to millions of more unbanked and underserved merchants, provide digital payment acceptance solutions and in turn, get them to be a part of the Digital India story.”
The final authorization is subject to fulfillment of certain conditions. BharatPe will now commence work on fulfilling the said conditions within the prescribed timeline and launch the said online PA business upon the receipt of the final authorization from RBI.