CAMS Granted RBI Approval as Online Payment Aggregator

Computer Age Management Services (CAMS), India’s largest mutual fund transfer agency, has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. 

The company made this announcement to the stock exchanges on April 10, revealing that it had obtained the certificate of authorization from the RBI, following an in-principle authorization received back in February 2023.

CAMS’ payment business unit, CAMSPay, currently caters to a diverse clientele, including mutual funds, insurance companies, banks, and NBFCs. The authorization from the RBI marks a significant milestone for CAMS, enabling it to expand its offerings in the digital payments segment.

Last month, CAMSPay demonstrated its increasing influence in the online digital payments sector by registering over 1.2 million mandates for UPI Autopay. This accomplishment underscores CAMS’ growing presence and capabilities in facilitating digital transactions.

Upon receiving the in-principle authorization in February, CAMSPay CEO Vasanth Jeyapaul expressed enthusiasm about leveraging the license to enhance the company’s payment solutions. He emphasized CAMS’ commitment to creating a robust and inclusive digital payment ecosystem for its merchant segments, providing a wide range of acceptance options. 

CAMSPay, the payment business unit of the company, has been in the payment solutions industry for the past 15 years.