Cashfree Payments, a Bengaluru-based firm specializing in banking solutions and payments, has been granted a Payment Aggregator-Cross Border (PA-CB) licence by the Reserve Bank of India (RBI). This approval comes nearly a year after the RBI issued regulations for such entities.
Cashfree Payments is among the first non-banking companies to receive the PA-CB licence, according to the RBI’s website. The licence positions the company to support global businesses and regulated entities in collecting payments in India. Additionally, it enables Cashfree to offer cross-border payment solutions to Indian exporters and freelancers.
PA-CBs facilitate online cross-border payment transactions for the import and export of permissible goods and services. The RBI categorizes PA-CBs into three types: Export only (PA-CB-E), Import only (PA-CB-I), and Export and Import (PA-CB-E&I). Cashfree Payments has been approved to operate as a PA-CB-E&I.
In its October 2023 circular, the RBI established minimum net worth requirements for non-banks seeking to operate as PA-CBs. These include a minimum net worth of ₹15 crore at the time of application and a ₹25 crore net worth by March 31, 2026. New non-banks must achieve a minimum net worth of ₹25 crore by the end of the third financial year following the grant of authorization.
