RNFI Services has received in-principle authorization from the Reserve Bank of India to operate as a Payment Aggregator – Physical (PA-P) under the Payment and Settlement Systems Act, 2007, according to a company press release. The authorization will allow RNFI to offer physical, offline and in-store payment aggregation services through its existing distribution and field network, subject to conditions specified by the central bank. The company stated that final authorization will follow once it fulfills the applicable requirements within the stipulated timeline.
The PA-P authorization adds a new regulated capability to RNFI's payments business and allows the company to leverage its existing distribution network, technology platforms and field operations for physical payments. Simran Singh, Founder and Chief Strategy Officer at RNFI Services, emphasized that the approval would allow the company to extend its last-mile infrastructure into physical payments as a regulated Payment Aggregator. Singh stated that the company has spent years building infrastructure to take financial services closer to the last mile, and this authorization allows them to extend that infrastructure into physical payments as a regulated Payment Aggregator. The company remains committed to being instrumental in driving digital adoption among both underserved and unserved customers and merchants.
RNFI currently operates across several regulated financial services, including global money movement through an RBI-authorised AD Category-II licence, mutual fund distribution through an AMFI-registered ARN, insurance through its IRDAI-registered insurance broking business and stored-value services through the group's RBI-authorised PPI business. The PA-P authorization expands RNFI's regulated payments operations into the physical payments segment, allowing the company to use its existing last-mile infrastructure for payment aggregation. This new capability adds to RNFI's existing portfolio of regulated financial services, further expanding its licence stack into physical payments and strengthening its position in India's evolving digital payments landscape.
RNFI's multi-channel distribution network includes freelance and independent workers, distributors, partners and its own employees. The network allows multiple financial services to be delivered through a common platform, supported by the company's technology and field operations. According to the company, the authorization will allow RNFI to offer physical, offline and in-store payment aggregation services through this existing distribution network, subject to conditions specified by the central bank. The PA-P authorization enables the company to build another regulated payments capability on its existing distribution, technology and field infrastructure, complementing its existing regulated financial services portfolio.
