Context:
Instifi, a fintech startup based in Goa, has received final authorization from the Reserve Bank of India (RBI) to operate as a licensed payment aggregator (PA) under the Payment and Settlement Systems Act, 2007. This makes Instifi the first and only RBI-authorized payment aggregator headquartered in Goa.
About Instifi
- Founded by: Mohit Aggarwal
- Core Services:
- Card processing (credit/debit)
- UPI integration
- Net banking
- Virtual accounts
RBI’s Regulatory Framework
- Under the Payment and Settlement Systems Act, 2007, non-bank PAs must obtain formal RBI authorization.
- Instifi is now included in RBI’s official list of authorized entities eligible to process sensitive financial transactions.
