CRED Gets RBI Payment Aggregator Authorisation
Why in the news
The Reserve Bank of India gave the fintech platform CRED a licence to run as a Payment Aggregator.
Key facts
- Regulator: Reserve Bank of India.
- Authorisation: Payment Aggregator.
- Law: Payment and Settlement Systems Act, 2007.
- What it permits: bringing merchants on board directly and handling payment flows.
| Regulator | Status for CRED |
|---|---|
| RBI | Payment Aggregator authorisation (new) |
| IRDAI | Already licensed |
| SEBI | Already licensed |
| NPCI | Already licensed |
Exam angle
- Fintech in the news: CRED.
- Governing law: PSS Act, 2007.
- Payment Aggregator role: onboard merchants and manage payments.