RNFI Services Receives In-Principle Approval to Operate as Payment Aggregator in India
RNFI Services has received an in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Physical (PA-P). This approval allows the company to facilitate offline and in-store payment aggregations through its existing network. The PA-P license adds another regulated capability for physical merchant payments, building on RNFI's infrastructure already used for last-mile financial services delivery. RNFI Services currently operates global money movement services under an RBI-authorised FFMC and AD Category-II licence. It also offers mutual fund distribution via AMFI-registered ARN, insurance through IRDAI-registered broking business, and stored value services using RBI-approved PPIs. The company's founder and chief strategy officer emphasized the strategic importance of this authorization in expanding their financial infrastructure to serve underserved customers. This development follows recent regulatory approvals for other fintech firms like Cred.
Topics: Financial Infrastructure Fintech Regulation RBI Authorization