RBI Asks Payment Platforms Razorpay, Cashfree To Stop Acquiring New Customers: Report
On the banking regulator Reserve Bank Of India’s order, Razorpay and Cashfree to temporarily stop onboarding customers after they have received in-principle approval from the RBI
The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to media reports.
After receiving the in-person approval from RBI in July for a payment aggregator and payment gateway licence, Razorpay is now required to follow the process and share the additional details to finalise the licensing process.
RBI issued an order a few days back asking Razorpay and Cashfree to stop customer onboarding, according to media reports.
