Updated By: LatestGKGS Desk
RBI gives 'PayU India' clearance to open its own non-banking financial company
RBI gives 'PayU India' clearance to open its own non-banking financial company: Details, Aim, Highlights
Reserve Bank of India (RBI) has approved 'PayU India' to open & operate its own non-banking financial company (NBFC).
RBI approval from the central bank is subject to “certain pending RBI compliance”.
The PayU India company has already crossed Rs 100 crore ($16 million) mark for credit issuance
The PayU India company has spent about $265 million over the past five years in India.
The PayU India company payment facility called LazyPay witnessed around 10,000-11,000 transactions per day.
In September 2016, the PayU India company had acquired Citrus Pay for $130 million.
The move will give a big push to the fintech firm credit-focused offerings, PayU Credit. The subsidiary of PayU will be headed by PayU India MD Jitendra Gupta, whose firm Citrus Pay was earlier acquired by PayU for about Rs 860 crore in 2016.
At present, PayU India claims to process payments around Rs 8000 crore monthly. About 2 percent of PayU India revenue comes from its credit business.
According to MD of PayU India, credit is next big thing in India. With $5 million investment, the firm has been disbursing over 20000 loans a day.
PayU India
Founded: 2002
Owned by South Africa’s Naspers Ltd.
MD: Jitendra Gupta
