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RBI asks Razorpay, Cashfree to pause onboarding of New Customers

Published on December 18, 2022
Current Context: The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business.
RBI asks Razorpay, Cashfree to pause onboarding of New Customers
  • It is a temporary move and has no impact on Razorpay's existing business operations and current merchants.
  • According to Razorpay, they received in-principle approval from the RBI in July for a payment aggregator and payment gateway license, and the company is now required to share additional details with the RBI to aid in the final license process.
  • As part of this process, the RBI has requested us to temporarily withhold onboarding new online merchants till such details are submitted. As a responsible corporation that operates under the ambit of RBI, Razorpay has abided by the regulatory requirement.
  • This decision of RBI will not affect Razorpay's existing business operations and current merchants.
  • Static Part:
    • CEO of RazorPay - Harshil Mathur

Question:

Q.1 Which of the following Payment solution companies has asked to stop the onboarding of new customers for their payment processing business temporarily by RBI?
a. PayTm
b. GooglePay
c. RazorPay
d. PhonePay
e. None of the above
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