Axis Bank’s Freecharge gets RBI in-principle nod
In short
Axis Bank’s Freecharge got in-principle approval from the Reserve Bank of India to work as a payment aggregator. The approval covers PA-O1 and PA-P1 categories starting in FY27.
This matters because it supports Axis Bank’s digital payments push. The report also says UPI transaction value rose 34% year on year in July-September, but it does not say when full approval will come.
What the reporting says
Axis Bank’s digital payments platform Freecharge received in-principle approval from the Reserve Bank of India to operate as a payment aggregator under PA-O1 and PA-P1 categories starting in FY27. The reporting says Axis Bank is expanding its digital payments business, alongside 34% year-on-year growth in UPI transaction value in July-September and digital transactions making up 98% of financial transactions in the quarter. What remains unclear is any further operating conditions.
Why it matters
Axis Bank’s Freecharge received in-principle RBI approval to operate as a payment aggregator in PA-O1 and PA-P1 categories from FY27. The reporting links this to Axis Bank’s broader digital payments expansion, with UPI transaction value up 34% year on year in July-September and digital transactions at 98% of total financial transactions in the quarter. The remaining unknown is the timing and any final conditions for full approval.