Groww gets online payment aggregator licence from the RBI

Groww has secured online payment aggregator licence from the RBI, it has been reported today.

Financial services platform Groww has secured online payment aggregator licence from the Reserve Bank of India (RBI), it has been reported today. The Bangaluru-based Groww will be able to provide ecommerce transactions through Groww Pay, its UPI-linked app. The license was provided to Tiger Global-backed Groww on April 29.

Groww gets online payment aggregator licence.

Groww was limited to offering its clients just investment and broking services, but looking to expand further, it had launched its UPI payments services through Groww Pay in July, 2023, Moneycontrol reported.

For subscribers, the app was offering bill payment services including for power, water bills, DTH recharges, loan and credit card repayments. It already had an NBFC license.

Among the online payment gateway companies that have received RBI's final approval to be a payment aggregator are Groww-backed identity verification startup DigiO, PayU, Cred, Mswipe, Razorpay, CC Avenue, Cashfree, Zoho, Tata Pay, Google Pay and others.

Groww MF gets Sebi's nod to launch Nifty Non-Cyclical Consumer Index Fund

Last Wednesday, it was announced that Groww Mutual Fund had received stock markets regulator Sebi's nod to launch Nifty Non-Cyclical Consumer Index Fund via a new fund offer (NFO) with the aim of generating long-term capital growth. It was expected to go live in the first week of May.

Also, in February, Groww had reportedly added over 1 million new SIPs (Systematic Investment Plans) in December, 2023, reported PTI.