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Instifi Gets RBI Payment Aggregator Licence: Goa’s First

30 June 20251 min read
BANKING & FINANCEInstifi Gets RBIPayment AggregatorLicence: Goa’s First30 June 2025safalsetu.com

Why in the news

Goa-based fintech startup Instifi obtained final authorization from the Reserve Bank of India to work as a licensed payment aggregator (PA), the first and only such RBI-authorized firm headquartered in Goa.

About Instifi

  • Founder: Mohit Aggarwal.
  • Services: credit and debit card processing, UPI integration, net banking and virtual accounts.

Regulatory framework

  • Under the Payment and Settlement Systems Act, 2007, non-bank payment aggregators need formal RBI authorization.
  • Instifi now appears on the RBI’s official list of authorized entities allowed to handle sensitive financial transactions.

Exam angle

  • Law: Payment and Settlement Systems Act, 2007.
  • Regulator authorizing PAs: RBI.
  • Instifi’s base: Goa.

Test yourself

1. Under which Act do non-bank payment aggregators need RBI authorization?

The notes cite the Payment and Settlement Systems Act, 2007.

2. Instifi, which received RBI payment aggregator authorization, is headquartered in which state?

Instifi is the first RBI-authorized PA headquartered in Goa.

3. Who founded the fintech startup Instifi?

Instifi was founded by Mohit Aggarwal.

This topic is part of Daily Current Affairs 29 & 30 June 2025 (15 topics).

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