Synopsis Some of the entities that have got the approval include Pine Labs, Razorpay, Reliance, Google, Zomato and Worldline. ETtech (Illustration: Rahul Awasthi) The Reserve Bank of India on Wednesday released a list of 32 entities that have been given in-principle authorisation for their payment aggregator (PA) licences including Pine Labs , Razorpay , Reliance , Google , Zomato and Worldline . As many as 18 entities have their PA licence applications still under process. Big names in the list include PhonePe, Cred, MobiKwik and Instamojo. Further, the RBI has rejected the PA licence applications of Freecharge, Paytm , PayU and Tapits Technologies. ET reported in July last year that payment gateways such as Razorpay, Stripe and Pine Labs were among the top fintech firms that had received in-principle approval from the RBI for the PA licence. At least 185 fintech firms — including Cred, Razorpay, and PhonePe — had submitted proposals seeking the licence. Multiple online payment gateways that were seeking the licence had come under intense scrutiny for know-your-customer (KYC)-related issues, past dealings with cryptocurrency exchanges and gaming apps, as well as for not complying with the minimum net-worth criteria set out by the RBI, ET had reported earlier citing sources. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Payment aggregators are expected to have a net worth of Rs 15 crore on the date of their applications or as of March-end 2021, and Rs 25 crore by the end of the ongoing fiscal year (FY23), according to the RBI rules. The payment aggregator framework was introduced in 2020 to further regulate the payments space. Under this framework, only those firms that have been authorised to operate as payment aggregators by the RBI can acquire and offer payment services to merchants. Also, these firms will be directly supervised by the RBI. This, industry insiders told us, would lead to a more standardised and regulated payments ecosystem. During its presentation with the fintech firms, the RBI also checked for aspects related to what percentage of the business revenue of the applicants came from unregulated entities such as online betting or crypto exchanges. It also evaluated money-laundering concerns as well as whether these aggregators were compliant with its tokenisation norms. Last year, the RBI rejected the PA licence of ZaakPay, which runs the fintech company MobiKwik, allegedly due to its crypto partnerships and failure to meet the minimum net-worth criteria. However, it has been placed in the “application under process” category in the list released on Wednesday. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Wednesday, 15 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy More Aditya Birla Group in Talks with Global Banks for Vi Equity Infusion Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd and is in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. TVS EV Co may Get $350m from ADIA, Goldman, Carlyle Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle are in active discussions with TVS Motor Co to invest $300-350 million in its electric vehicle (EV) arm at a potential $3-3. 5 billion valuation, said people with knowledge of the matter. Adani Looks to Repay $500 m Bridge Loan The Adani Group is in talks with lenders to repay the $500 million bridge loan facility it had availed of to purchase a controlling stake in Holcim’s cement units last year, said two people with knowledge of the matter. Read More News on payment aggregator licence rbi approval pine labs razorpay reliance google zomato worldline reliance zomato Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields. Is it the right time to invest in property? 8 mins read 3 insights to kick-start your day, featuring Swiggy’s “poor judgement” 3 mins read Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read Subscribe to ETPrime.