Based on a communication from the Reserve Bank of India, fintech unicorn Razorpay has paused onboarding new merchants to its payment gateway business (RBI).
Along with Razorpay, the central bank has asked Stripe and Cashfree Payments to halt new merchant onboarding. While the companies have been granted in-principle approval for payment aggregator licences, they must conduct an audit within six months, according to the central bank. We are now required to provide the RBI with additional information to aid in the final licencing process: Razorpay
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