Jio Financial Services Limited (JFSL) announced that its wholly-owned subsidiary, Jio Payment Solutions Limited (JPSL), has received authorization from the Reserve Bank of India (RBI) to operate as an “Online Payment Aggregator.” The certificate of authorization, granted under Section 7 of the Payment and Settlement Systems Act, 2007, allows JPSL to provide online payment solutions effective October 28, 2024.
With this authorization, JPSL is now equipped to serve as an online payment aggregator, which will enable it to streamline digital payments for businesses and consumers across India. This authorization aligns with Jio Financial’s broader strategy to expand its footprint in the digital financial services sector, contributing to the growth of India’s digital payments ecosystem.
In a communication sent to Jio Financial, JPSL conveyed its receipt of the certificate from the RBI on October 28, 2024, at 6:00 p.m. This development strengthens Jio Financial’s position in the rapidly growing digital payments space, setting the stage for future growth and innovation in financial services.
