Cashfree Payments: Gets RBI approval for cross-border product

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