{"id":78154,"date":"2022-12-16T17:48:00","date_gmt":"2022-12-16T12:18:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=78154"},"modified":"2022-12-16T17:44:30","modified_gmt":"2022-12-16T12:14:30","slug":"biz-rbi-razorpay","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-rbi-razorpay\/","title":{"rendered":"RBI asks Razorpay, Cashfree to pause onboarding of new customers"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1967227026\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to a source.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2003848593\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>On the banking regulator&#8217;s order, Razorpay said it is a temporary move and has no impact on Razorpay&#8217;s existing business operations and current merchants.<\/p>\n<p>&#8220;RBI has issued an order a few days back asking Razorpay and Cashfree to stop customer onboarding,&#8221; a source told PTI.<\/p>\n<p>No immediate comments were received from Cashfree.<\/p><div class=\"trade-content_5\" id=\"trade-2607829524\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>When contacted, Razorpay said it received in-principle approval from the RBI in July for a payment aggregator and payment gateway licence and the company is now required to share additional details with the RBI to aid in the final license process.<\/p>\n<p>&#8220;As part of this process, the RBI has requested us to temporarily withhold onboarding new online merchants till such details are submitted. As a responsible corporate that operates under the ambit of RBI, Razorpay has abided by the regulatory requirement. We would like to emphasize that this directive of the RBI has no impact on Razorpay\u2019s existing business operations and current merchants,&#8221; Razporpay spokesperson said.<\/p>\n<p>RBI issues payment aggregator licence to entities involved in online payment processing while payment gateway permit is meant for entities providing technology for payment processing.\u00a0 \u00a0 The spokesperson said that Razorpay continues to onboard new businesses on other Razorpay services &#8211; RazorpayX, Corporate Card, and Offline payments via Ezetap.<\/p>\n<p>&#8220;Razorpay&#8217;s operations are fully compliant with all regulatory guidelines and the company continues to be in touch with RBI for the next steps,&#8221; Razporpay spokesperson said. PTI PRS ANZ PRS MR MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-2502309491\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to a source. On the banking regulator&#8217;s order, Razorpay said it is a temporary move and has no impact on Razorpay&#8217;s existing business operations and current merchants. &#8220;RBI has issued an [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":47406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[],"class_list":["post-78154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI asks Razorpay, Cashfree to pause onboarding of new customers - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-rbi-razorpay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI asks Razorpay, Cashfree to pause onboarding of new customers\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to a source. 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