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The RBI has granted approval to Piramal Payment Services to launch 'Piramal Pay,' a prepaid payment instrument.

Banking & Finance | Dated: 28 Oct 2024

Piramal Payment Services Limited (PPSL), a subsidiary of Piramal Capital & Housing Finance Ltd (Piramal Finance), has received approval from the Reserve Bank of India (RBI) to launch a Prepaid Payment Instrument (PPI) service called 'Piramal Pay'.

🎯 Key Highlights:

  • - This authorization was granted under the Payment and Settlement Systems Act, 2007.
  • - With this approval, PPSL is now one of the Payment System Operators authorized by the RBI to set up and operate in India.

💡 Other Important Facts:

  • 'Piramal Pay' is designed to offer seamless, secure, and convenient financial transactions for both individuals and businesses.

📚 Test Your Knowledge:

What is the name of the prepaid payment instrument recently launched by Piramal Payment Services with RBI's approval?

Correct Answer: Piramal Pay

🚀 Quick Recap:

About RBI

  • CEO : Shaktikanta Das
  • Headquarter : Mumbai