Digital payments boost: Paytm, Amazon have a new competitor as Bajaj Finance gets RBI nod
The launch of a digital wallet is part of the non-bank's broader strategy to expand its digital finance offerings
Bajaj Finance on 5 May said that it has received approval from the Reserve Bank of India to enter the prepaid payment business. Approval to Bajaj Finance for offering a wallet comes with perpetual validity.
“The Reserve Bank of India vide its letter dated May 4, 2021, has granted an authorisation to the company for issuance and operation of semi-closed prepaid payment instruments (PPI) with perpetual validity,” the non-bank lender informed the stock exchanges on Wednesday.
The launch of a digital wallet is part of the non-bank’s broader strategy to expand its digital finance offerings.
Last week, the non-banking finance company reported net profit of Rs 979 crore in January-March quarter, that marked an increase of 5 times from profit of Rs 194 crore during the same quarter last year. Its total revenue from operations jumped 16% to Rs 15,385 crore.