Razorpay gets GIFT City licence for cross-border payments | India Business News
Bengaluru: Razorpay has received a final licence from the International Financial Services Centres Authority (IFSCA) to operate as a payment service provider in GIFT City, enabling it to handle cross-border money transfers and support platforms offering overseas investments to Indian residents.
The approval follows an in-principle nod in April. The company said its infrastructure in GIFT City, Gujarat’s international financial centre, was ready, with banking connections established with RBL Bank and ICICI Bank. Investment platforms using the service are expected to go live soon. Razorpay said it would add more banking partners.
Razorpay said investment platforms seeking to offer foreign stocks typically have to connect separately with banks, remittance providers and systems that check compliance with regulations. Its service would combine these functions through a single connection, reducing the time required for integration from months to two or three weeks.
The licence also allows Razorpay to move money in foreign currencies and hold funds in multi-currency accounts, chief operations officer Rahul Kothari said. The company plans to expand its services to include collecting payments from overseas customers, settling transactions and handling other international transfers.
“Razorpay already facilitates cross-border payments on both sides: Indian consumers paying global businesses and Indian businesses collecting from customers around the world,” Kothari said. “This licence adds a new dimension to that portfolio.”
Razorpay said Indian residents invested $2.65 billion in overseas stocks and debt in FY26, up 56% from a year earlier. It cited the need to work with multiple financial institutions and service providers as a hurdle for platforms seeking to meet this demand.
Kothari said the licence could also support transfers by non-resident Indians to their families in India. The final approval adds to Razorpay’s existing regulatory permissions from the Reserve Bank of India for online, offline and cross-border payments.
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The approval follows an in-principle nod in April. The company said its infrastructure in GIFT City, Gujarat’s international financial centre, was ready, with banking connections established with RBL Bank and ICICI Bank. Investment platforms using the service are expected to go live soon. Razorpay said it would add more banking partners.
Razorpay said investment platforms seeking to offer foreign stocks typically have to connect separately with banks, remittance providers and systems that check compliance with regulations. Its service would combine these functions through a single connection, reducing the time required for integration from months to two or three weeks.
The licence also allows Razorpay to move money in foreign currencies and hold funds in multi-currency accounts, chief operations officer Rahul Kothari said. The company plans to expand its services to include collecting payments from overseas customers, settling transactions and handling other international transfers.
“Razorpay already facilitates cross-border payments on both sides: Indian consumers paying global businesses and Indian businesses collecting from customers around the world,” Kothari said. “This licence adds a new dimension to that portfolio.”
Razorpay said Indian residents invested $2.65 billion in overseas stocks and debt in FY26, up 56% from a year earlier. It cited the need to work with multiple financial institutions and service providers as a hurdle for platforms seeking to meet this demand.
Kothari said the licence could also support transfers by non-resident Indians to their families in India. The final approval adds to Razorpay’s existing regulatory permissions from the Reserve Bank of India for online, offline and cross-border payments.
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Source: timesofindia.indiatimes.com