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Bengaluru-based fintech Simpl shut its payment operations on Thursday after the Reserve Bank of India (RBI) issued a letter, citing a violation under the Payment and Settlement Systems (PSS) Act, 2007.
“The entity is directed to immediately stop the business of payment systems carried out by involving functions of payment, clearing, and settlement,” according to a letter dated September 25, as reported by ET, which first reported the development.
This action against Simpl reflects a broader regulatory crackdown on the buy-now-pay-later (BNPL)…
