Current Context: In September 2026, Bengaluru-based fintech company Niyo received a Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA). The licence allows Niyo to operate from GIFT International Financial Services Centre in Gandhinagar, Gujarat, and expand beyond travel-forex products into regulated cross-border payment and financial services.
Key Points:
- GIFT stands for Gujarat International Finance Tec-City.
- The licence is governed by the IFSCA Payment Services Regulations, 2024.
- Niyo plans to serve Indians engaged in international education, overseas employment, global spending and cross-border money transfers.
- It will combine its digital platform with an expanding physical branch network to provide both online and assisted services.
- IFSCA is the unified regulator for financial products, institutions and services operating in India’s International Financial Services Centres.
- Niyo was established in 2015 by Vinay Bagri and Virender Bisht and is headquartered in Bengaluru, Karnataka.
- The development supports GIFT City’s growth as an international fintech and cross-border payments hub.
Question:
Q1. Which regulatory authority granted a Payment Service Provider licence to Niyo for operating from GIFT City?a) Reserve Bank of India
b) Securities and Exchange Board of India
c) International Financial Services Centres Authority
d) National Payments Corporation of India
Answer: c) The International Financial Services Centres Authority granted Niyo the PSP licence, enabling it to develop regulated cross-border financial services from GIFT IFSC.
