RBI grants Payment Aggregator Licence to Tata Pay & DigiO

Current Context: The Reserve Bank of India (RBI) granted the payment aggregator licence to Tata Pay and DigiO on January 1, 2024.

• This licence will enable Tata Payments to facilitate e-commerce transactions through its platform.
• Tata Payments is held through Tata Digital, the group’s subsidiary entity, which houses its digital businesses.
• With this licence, Tata can power all e-commerce transactions within its subsidiary entities, which will help it manage funds better.
• In addition to Tata Pay, Bengaluru-based identity verification startup DigiO, backed by Groww, has also secured the payment aggregator licence as of January 1.
• DigiO powers digital identification for multiple fintechs and will be able to bundle in-payment services on top of it.
• This development places Tata Pay and DigiO alongside other platforms like Google Pay, Razorpay, and Cashfree that have secured the much sought-after licence.

Question:

Q.1 Who granted the payment aggregator licence to Tata Pay and DigiO?
a. Google Pay
b. Razorpay
c. Reserve Bank of India (RBI)
d. Cashfree