Payment Platform Razorpay Told To Stop Acquiring New Customers

Razorpay said it is a temporary move and has no impact on Razorpay's existing business operations and current merchants.

The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to a source.

On the banking regulator's order, Razorpay said it is a temporary move and has no impact on Razorpay's existing business operations and current merchants.

"RBI has issued an order a few days back asking Razorpay and Cashfree to stop customer onboarding," a source told PTI.

No immediate comments were received from Cashfree.