Last-mile financial infrastructure provider RNFI Services Ltd has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Physical (PA-P).
Key Highlights of the Authorization:
-
Expansion into Offline Payments: The regulatory nod enables the listed entity to expand its operations directly into the physical, offline, and in-store merchant payment aggregation space, subject to conditions specified by the central bank.
-
Strengthening the Regulated License Stack: The PA-P approval integrates seamlessly into RNFI’s existing portfolio of licensed financial services, which includes:
-
Global money movement via an RBI-authorized AD Category-II license.
-
Stored value capabilities through the group’s RBI-authorized Prepaid Payment Instrument (PPI) license.
-
Mutual fund distribution services.
-
Insurance broking via an IRDAI-registered business line.
-
-
Infrastructure Synergy: According to company leadership, the new physical payment capabilities will leverage RNFI’s pre-existing technology frameworks, field operations, and broad multi-channel distribution network comprising independent workers, agents, and regional partners to drive digital financial adoption among underserved merchants.
