IRCTC to foray into payments sector
By MYBRANDBOOK
The Indian Railway Catering and Tourism Corporation (IRCTC) can now apply with the Reserve Bank of India (RBI) for a license as a payment aggregator.
IRCTC recently secured an approval from the Registrar of Companies, NCT, Delhi and Haryana to alter the Main Objects Clause of the Memorandum of Association and insert a new clause to act as a payment aggregator.
The Railway PSU is all set to take entry into the payments sector and is eyeing a payment aggregator license. Currently, IRCTC has I-PAY, its in-house payment gateway. I-PAY enables payments for booking tickets of rail, bus and air travel, and tour packages on the IRCTC website and mobile app.
Currently, all Non-Bank Payment Aggregators require authorisation from RBI under Payment and Settlement System Act, 2007, and the Memorandum of Association (MoA) of the applicant entity must cover the proposed activity of operating as a payment aggregator.
The IRCTC gateway will also function as a bill payment gateway to provide bill payment services for utility bills, fees and municipal taxes under the Bharat Bill Payment System (BBPS) guidelines. The application process and approval from the RBI may take some time. The application process and approval from the RBI may take some time.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Anil Agarwal
Anil Agarwal, the Founder and Chairman of Vedanta Resources Ltd., is r...
ICONS OF INDIA : RAJESH NAMBIAR
Rajesh leads the company’s India associates and enhances relationshi...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...