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The Reserve Bank of India (RBI) has asked Bengaluru-based fintech startup Simpl to halt all payment operations.
In a letter dated September 25, a copy of which was reviewed by ET, the central bank stated: “The entity is directed to immediately stop the business of payment systems carried out by involving functions of payment, clearing, and settlement.”
Simpl, which offers buy-now-pay-later (BNPL) services on e-commerce platforms, powers payments for leading online marketplaces, food delivery services, and quick commerce platforms. Its key partners…
