RBI Advisory Razorpay stops onboarding new online payment merchants - Tech nukti comRBI Advisory Razorpay stops onboarding new online payment merchants - Tech nukti

The Reserve Bank of India has asked Razorpay to temporarily stop the onboarding of new customers, while it works to meet certain requirements needed to secure a final payment aggregator (PA) license. According to media sources, other including Cashfree and Stripe have also been instructed to stop onboarding new online retailers.

On the banking regulator’s order, Razorpay said it is a temporary move and has no impact on Razorpay’s existing business operations and current merchants.

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“As part of this process, the RBI has requested us to temporarily withhold onboarding new online merchants till such details are submitted. As a responsible corporate that operates under the ambit of RBI, Razorpay has abided by the regulatory requirement. We would like to emphasize that this directive of the RBI has no impact on Razorpay’s existing business operations and current merchants,” Razporpay spokesperson said.

“We haven’t received any communications from the RBI asking us to pause onboarding. We look forward to continuing to operate in India and help Indian businesses process their payments, support their subscription business models, and combat fraud,” said a Stripe spokesperson.

In July, Pine Labs, Razorpay and American payments player Stripe became the first players to receive the in-principle approval for the PA license.

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Hello, welcome to my blog ibomma-telugu.com I am Gaurav Patel from Maharashtra, India. I love reading to find conclusions about the latest technology and business trends. I did my graduation in Mechanical Engineering from Modern College of Engineering, Pune. After this, worked in a tech startup for about 3 years and now working in an MNC company in Mumbai. I always love reading and sharing about new technology and what's happening in the business world. That's why I started this blog. People get confused that Ibomma-Telugu is a movie site but it is not. ibomma-telugu.com is a business and tech news blog for tech enthusiasts. You can read our latest article and express your views in the comment section. Share our article on social media and discuss with your friends. Thanks for your support. Gaurav Patel Founder and tech enthusiast ibomma-telugu.com

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