New Delhi: RNFI Services Ltd, a last-mile financial infrastructure company, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator – physical (PA-P), a step that will help the company expand its financial infrastructure.
The authorisation has been granted to RNFI Services Ltd, the listed entity, enabling the company to operate in the physical, offline and in-store payments space, subject to conditions specified by RBI, the company said in a statement.
The new capability adds to RNFI’s existing portfolio of regulated financial services, it said, adding that the company currently has capabilities across global money movement through its RBI-authorised AD Category-II licence, mutual fund distribution, insurance through its IRDAI-registered insurance broking business, and stored value through its RBI-authorised PPI business in the group, it said.
The PA-P authorisation further expands this licence stack into physical payments, allowing RNFI to build another regulated payments capability on its existing distribution, technology and field infrastructure, it said.
Simran Singh, founder & Chief Strategy Officer, RNFI Services, said the company remains committed to being instrumental in driving digital adoption among both underserved and unserved customers and merchants.
