Indian Railway Catering and Tourism Corporation (IRCTC) is now eligible to submit an application to the Reserve Bank of India (RBI) for a licence as a payment aggregator.
The Registrar of Companies, NCT, Delhi, and Haryana has granted IRCTC permission to change the Main Objects Section of the Memorandum of Association and introduce a new clause to serve as a payment aggregator.
The Railway PSU is seeking a licence to operate as a payment aggregator as it prepares to enter the payments market.
Industry experts claim that the India According to the Payment and Settlement System Act of 2007, all non-bank payment aggregators must currently obtain RBI authorization. Additionally, the Memorandum of Association (MoA) of the applicant firm must cover the planned activity of acting as a payment aggregator.
It can take some time for the RBI to approve your application.
I-PAY, IRCTC’s internal payment gateway, is already in place at this time. On the IRCTC website and mobile app, I-PAY enables payments for purchasing tickets for rail, bus, and air travel as well as vacation packages.
As a result, IRCTC already has a user base that is established and would be interested in using its payment gateway. Potential partnerships with businesses may allow the raliway PSU to further increase its potential.
