India's largest mutual fund transfer agency Computer Age Management Services (CAMS) has informed the stock exchanges on April 10 that Reserve Bank of India (RBI) has authorised the company to operate as an online payment aggregator.
The company had received an in-principle authorisation from RBI back in February 2023, according to the statement issued by the company.
The certificate of authorisation has been received by CAMS on April 10, the release said. The company's payment business unit CAMSPay currently serves clients which include mutual funds, insurance companies, banks and NBFCs.
Last month, CAMSPay registered over 1.2 million mandates for UPI Autopay, "underlining the company’s growing influence in online Digital Payments Segment".
At the time of receiving the in-principle authorisation in February, CAMSPay CEO Vasanth Jeyapaul had said that the license will 'help us further fortify our offerings in the payments arena'.
"We are thrilled to receive the in-principle authorisation to operate as a payment aggregator to create a much more robust and inclusive digital payment stack for the chosen merchant segments that we operate in, delivering a variety of acceptance options," Jeyapaul had said in February.
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