Cashfree Payments: Gets RBI approval for cross-border product
- Cashfree Payments is a payments and banking technology company that enables businesses in India to collect payments online
- Announced that it has received a go-ahead from the Reserve Bank of India (RBI) for its cross border payments product
- The approval comes upon the company successfully piloting the solution during RBI’s Second Cohort under the Regulatory Sandbox
- The product will enable Indian fintech companies to offer the purchase of shares
- The cross border investments will fall under the ambit of RBI’s Liberalized Remittance Scheme (LRS)
- The solution also offers savings on foreign exchange (FX) fees and faster settlements for access to funds
