Fintech News · 3 November 2026 · 3 min read
In short: Razorpay has received its final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA), the regulator for GIFT City in Gujarat. It follows an in-principle approval in April 2026. The licence lets Razorpay move money into and out of India from GIFT City, including for overseas investing, with RBL Bank and ICICI Bank already connected.
Key facts
| Item | Detail |
|---|---|
| Licence | Final PSP licence (certificate of authorisation) from IFSCA |
| Services | Cross-border transfers, multi-currency accounts, global investing, collections and settlements |
| Banks live | RBL Bank, ICICI Bank |
| Set-up time for platforms | 2-3 weeks, versus several months (company claim) |
| Indians’ overseas stock and debt investment, FY26 | $2.65 billion, up 56% (RBI LRS data, company-cited) |
| Total LRS remittances, FY26 | $28.98 billion, down about 2% |
LRS, the Liberalised Remittance Scheme, lets each resident send up to $2,50,000 abroad per financial year for things like investing, travel and study. Razorpay’s existing RBI cross-border licence (December 2025) covers trade payments, not investments. The IFSCA licence covers both. Chief Operations Officer Rahul Kothari called GIFT City “a global financial hub”, as reported by The Paypers.
What it means for you
- Nothing to do right now. Razorpay works behind the scenes for apps, not directly with retail investors.
- Investing in US stocks through Indian apps may get faster set-ups as more platforms connect. Fees and FX rates are set by each app, so compare before you invest.
- LRS limits and tax still apply. Tax collected at source (TCS) can apply on large remittances. Check current rules with your bank or app.
- NRIs: Razorpay plans to extend this to NRI services; no launch date has been given.
- Track other fintech deals on our fintech funding tracker.
Sources
- Indian Startup News: Razorpay secures final IFSCA PSP licence
- The Paypers: Razorpay gets final IFSCA PSP licence for GIFT City
- StartupTalky: Daily funding roundup, 2 November 2026
This is a news summary for education, not investment advice. Figures are as reported on or before 3 November 2026; check official sources before making decisions.