Indian Economy News

IRCTC set to enter payments sector, eyes aggregator license from RBI

  • IBEF
  • September 20, 2022

According to industry analysts, the Indian Railway Catering and Tourism Corporation (IRCTC) can now apply to the Reserve Bank of India (RBI) for a payment aggregator licence. IRCTC recently received approval from the Registrar of Companies in the National Capital Territory, Delhi, and Haryana to amend the Memorandum of Association's Main Objects Clause and incorporate a new clause to function as a payment aggregator.

The Railway PSU is preparing to enter the payments market and is seeking a payment aggregator licence. IRCTC currently has I-PAY, its in-house payment gateway. I-PAY permits purchases for train, bus, and air travel tickets, as well as tour packages, through the IRCTC website and mobile app.

According to the IRCTC's AGM notice, as a payment aggregator, it will provide, promote, develop, design, and carry on the business of all types of electronic and virtual payment system services, payment gateway and aggregator services, prepaid and post-paid payment instruments, payment systems, including open, closed, and semi-closed payment instrument systems, both in India and abroad.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.