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PayU Payments appoints RBI, Prosus execs to board after securing PA licence

YourStory

YourStory · 2m ago

PayU Payments appoints RBI, Prosus execs to board after securing PA licence

PayU Payments has enhanced its board with three new directors following final RBI authorization as a payment aggregator. Subhash Mundra and Manoj Kumar Agarwal join as independent directors, while Ashutosh Sharma serves as a non-executive director. The board, now comprising eleven members, is poised to leverage these appointments to further technological innovation and corporate governance. PayU, part of Prosus, aims to expand its digital payment infrastructure and services after receiving RBI's final approval.

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Livemint

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PayU onboards former HDFC MD Renu Sud Karnad as new Chairperson

IndianStartupNews

IndianStartupNews · 1y ago

PayU onboards former HDFC MD Renu Sud Karnad as new Chairperson

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Entrackr

Entrackr · 2m ago

Ahead of IPO, PayU receives final Payment Aggregator license

Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

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