Jio Payment Solutions Earns Key Licence

Jio Payment Solutions Limited, a Jio Financial Services subsidiary, has secured an 'Online Payment Aggregator' licence from the RBI, allowing it to begin operations from October 28, 2024. This authorisation permits JPSL to enhance its payment services offerings, marking a significant step in its growth strategy.

Jio Financial Services Ltd announced Tuesday that its subsidiary, Jio Payment Solutions Limited (JPSL), has successfully secured an 'Online Payment Aggregator' licence from the Reserve Bank of India (RBI).

The RBI's certificate grants authorisation to JPSL, enabling it to operate as an 'Online Payment Aggregator' starting from October 28, 2024. The licence was granted in accordance with Section 7 of the Payment and Settlement Systems Act, 2007, as per a regulatory filing by Jio Financial Services.

Jio Financial Services, derived from Reliance Industries Ltd, specializes in investment and financing, offers insurance broking, and provides both payment bank and aggregation services in the financial sector.

(With inputs from agencies.)