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The names were released for “disseminating information and ensuring greater transparency,” the central bank said on its website. While the central bank allowed the tech giants to on-board digital merchants, and process payments from the customers on their behalf, it sees big tech in full-fledged banking space as a threat to financial stability and local banks.
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Separately, four applications, including those of Axis Bank-led Freecharge Payment Technologies Pvt Ltd. and PayTM Payments Services Ltd., have been returned. They can continue to operate without adding new merchants, and also reapply within 120 days from the date of return, the RBI said.
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