NSDL Database Management Limited (NDML), a wholly owned subsidiary of National Securities Depository Limited (NSDL), received ‘in principle authorisation' from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment and Settlement Systems Act, 2007. The authorisation has been granted by the RBI in terms of the application made by NDML under the guidelines on the regulation of payment aggregators and payment gateways on March 17, 2020. 

NDML recently collaborated with the Ministry of Electronics and Information Technology (MeitY) to provide centralised payment gateway to various institutions related to central and state governments to facilitate the electronic delivery of services to the citizens upon fees, taxes and bills in an online manner. 

Talking about the latest development, Sameer Gupte, the managing director (MD) and CEO of NDML told, “In-Principle authorisation by the RBI is a great testimony to the efforts put by NDML over the last many years in building ‘PayGov’ system as an engine of driving electronic delivery of Govt. to Citizen services. The approval will now set the tone for expanding digital inclusion and payments across the country.”

Padmaja Chunduru, MD and CEO of NSDL, added,  “We are pleased to announce that our wholly owned subsidiary, NDML,  has received In Principle authorisation by the RBI for Payment Aggregator. This is an important milestone for NDML, which will facilitate reaching out to Government departments and other merchants across the length and breadth of India and empower them to go digital with their services and products to all the citizens of the country.”