PayU has been asked to submit a new application for its payment aggregator (PA) licence by the Reserve Bank of India (RBI).
The unicorn fintech company is currently not taking on any new merchants. The page for merchant onboarding at PayU states, “We are not presently accepting new applications.” Our sales staff will get in touch with you soon.” According to ET, the RBI’s request to reapply was motivated in part by the fintech unicorn’s complicated corporate structure. PayU now has four months to revise and submit a new application to the RBI for the PA licence. “Over the following 120 days, we will cooperate with them to resolve a few problems and resubmit our application. The simplification of our company structure is one of the most crucial elements.” According to a PayU spokesman, “We are already making good progress with certain suggested solutions.”