RBI requested that PayU reapply for its payment aggregator licence

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The Reserve Bank of India (RBI) has requested that PayU reapply for its payment aggregator (PA) licence.

For the time being, the fintech unicorn is no longer accepting new merchants. “We are currently not accepting new applications,” says PayU’s merchant onboarding page. Our sales team will contact you shortly.” According to ET, one of the reasons for the RBI’s request to reapply was the fintech unicorn’s complex corporate structure. PayU now has four months to rework and reapply for the PA licence with the RBI. “We will work with them over the next 120 days to address some issues and resubmit our application. One of the most important aspects is to simplify our corporate structure. “We are already making good progress with some suggested solutions,” a PayU spokesperson was quoted as saying.

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RBI requested that PayU reapply for its payment aggregator licence

The Reserve Bank of India (RBI) has requested that PayU reapply for its payment aggregator (PA) licence.

For the time being, the fintech unicorn is no longer accepting new merchants. “We are currently not accepting new applications,” says PayU’s merchant onboarding page. Our sales team will contact you shortly.” According to ET, one of the reasons for the RBI’s request to reapply was the fintech unicorn’s complex corporate structure. PayU now has four months to rework and reapply for the PA licence with the RBI. “We will work with them over the next 120 days to address some issues and resubmit our application. One of the most important aspects is to simplify our corporate structure. “We are already making good progress with some suggested solutions,” a PayU spokesperson was quoted as saying.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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