PayU India and Paytm get first in-principle approvals to function as consumer payment gateways
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Gurgaon-based Vijay Shekhar Sharma, founder of Paytm, said that RBI has laid some conditions so that the final authorisation can be approved.
"We're planning to launch the payments unit by August-September, alongside our payments bank," he added.
Companies with in-principle approvals need to meet two conditions, one being a certification from National Payment Corporation of India (
It was in November 2015 that RBI had granted in-principal approval to NPCI, so that it could function as
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