FinTech 04 November 2026
Razorpay Receives Final PSP License from IFSCA to Enable Cross-Border Payments in GIFT City
Why in the News?
Fintech major **Razorpay** has launched its dedicated infrastructure in GIFT City after securing the final Payment Service Provider (**PSP**) license from the International Financial Services Centres Authority (**IFSCA**).
Key Features / Major Points:
- Unified Cross-Border Infrastructure:
- Designed to power seamless inbound and outbound cross-border financial transactions between India and global markets.
- Simplifies complex compliance and banking workflows into a single API flow, reducing onboarding timelines for global wealth platforms from months to just 2–3 weeks.
- Rising Global Investment Trends (RBI Data):
- Citing Reserve Bank of India (RBI) data, Indian residents invested **$2.65 billion** in overseas stocks and debt during FY26, representing a **56% YoY increase**.
- Live Banking Integrations:
- Banking integrations with **RBL Bank** and **ICICI Bank** are already live on the network, with additional partners scheduled to join.
- Full Regulatory Alignment:
- Operates in strict alignment with Foreign Exchange Management Act (FEMA) guidelines and IFSCA regulatory frameworks.
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Static GK Facts:
- International Financial Services Centres Authority (IFSCA):
- Established: **April 27, 2020** (Under IFSCA Act, 2019) | Headquarters: **GIFT City, Gandhinagar, Gujarat**.
- Chairman: K. Rajaraman.
- GIFT City (Gujarat International Finance Tec-City):
- India’s maiden operational International Financial Services Centre (IFSC).
- Foreign Exchange Management Act (FEMA):
- Enacted in **1999** (Replaced FERA).
One-Liner Quiz (All Competitive Exams):
Q: Which fintech platform received the final PSP license from IFSCA to launch cross-border payment rails in GIFT City?
A: Razorpay
Q: Where is the headquarters of the International Financial Services Centres Authority (IFSCA) located?
A: GIFT City, Gandhinagar (Gujarat)
Q: According to RBI data, how much did Indian residents invest in overseas equities and debt in FY26?
A: $2.65 billion
#Razorpay #IFSCA #GIFTCity #CrossBorderPayments #Fintech #FEMA #CurrentAffairs #StaticGK