Fintech participant Slice has acquired an in-principle nod from the Reserve Financial institution of India to start out issuing pay as you go cost devices by itself, in keeping with two individuals within the know.
The approval depends upon an exterior audit, which might be ordered by the regulator, the individuals stated on the situation of anonymity. Slice additionally has to fulfill sure situations set by the RBI, they stated.
For now, Slice has chosen to not restart its pay as you go card product which was suspended earlier this yr owing to the RBI’s strictures round pay as you go playing cards. The fintech continues to supply a cost pockets in affiliation with State Financial institution of Mauritius India.
A spokesperson for Slice declined to remark. Queries emailed to the RBI on Friday remained unanswered.
Slice is likely one of the few fintech companies impacted by the RBI’s norms on including funds to a pay as you go account. The regulator’s grasp instructions stated that PPI issuers might enable loading or reloading of pay as you go devices by “money, debit to a checking account, credit score and debit playing cards, pay as you go devices (as permitted occasionally) and different pay as you go devices issued by regulated entities…”
In response to knowledge out there with the RBI, there are 37 non-bank PPI issuers available in the market. These embody Amazon Pay, Bajaj Finance, Ebix Cost Companies, Manappuram Finance, Ola Monetary Companies, and One Mobikwik.