RNFI receives RBI approval to enter offline payments space

By Divya Shah

RNFI Services Limited has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Physical (PA-P) under the Payment and Settlement Systems Act, 2007.

The authorisation has been granted to the listed entity, enabling RNFI to facilitate physical payment transactions, subject to the conditions stipulated by the RBI. The company disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Final authorisation will be granted upon fulfilment of the applicable regulatory requirements within the prescribed timeline.

The approval adds a new regulated capability to RNFI’s payments business and complements its existing financial services portfolio.

The company currently operates across foreign exchange and cross-border remittances through its RBI-authorised AD Category-II licence, mutual fund distribution through its AMFI registration, insurance broking through an IRDAI licence, and prepaid payment instruments (PPI) through its group entities.

The PA-P authorisation strengthens its strategy of building multiple regulated financial services on a common technology and distribution infrastructure. RNFI has gradually expanded from payments and assisted banking services into areas including remittances, insurance, mutual fund distribution and technology-led financial services.

Simran Singh, Founder & Chief Strategy Officer, RNFI Services Limited, said, “This authorisation allows us to extend that infrastructure into physical payments as a regulated payment aggregator. More importantly, it reflects how we see the business evolving: building capabilities that make the same network more useful and bringing more financial services onto it over time.”

RNFI delivers its services through a multi-channel distribution network comprising freelance and independent workers, distributors, partners and company employees. The company said this network enables the delivery of multiple financial products and services through a shared technology and operational framework.