With this approval, Piramal Payment Services Limited has joined the distinguished list of Payment System Operators authorized by the RBI to set up and operate in India.
FinTech BizNews Service
Mumbai, 10th October 2024: Piramal Payment Services Limited, a subsidiary of Piramal Capital & Housing Finance Ltd (Piramal Finance) has received formal approval from the Reserve Bank of India (RBI) to set up and operate its Prepaid Payment Instrument (PPI) service, known as ‘Piramal Pay’. This authorization is granted under the Payment and Settlement Systems Act, 2007, marking a significant milestone toward offering innovative digital financial services to millions across India.
With this approval, Piramal Payment Services Limited has joined the distinguished list of Payment System Operators authorized by the RBI to set up and operate in India. The company is now set to introduce 'Piramal Pay', a prepaid payment instrument designed to provide seamless, secure, and convenient financial transactions for individuals and businesses alike.
“We are delighted to receive this authorization from the Reserve Bank of India, which reinforces our commitment to advancing digital financial services in the country,” said Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd. “With the launch of ‘Piramal Pay’, we aim to provide a robust and secure platform for prepaid payments that will enhance the convenience and accessibility of financial transactions for individuals and businesses across India.”
