After almost a year of freeze, the Reserve Bank of India (RBI) has lifted the ban on payment aggregators Razorpay and Cashfree.

Both the companies can now onboard new businesses on their payment gateway platforms. 

"Razorpay has received the final authorisation from the RBI to operate as a Payment Aggregator (PA) under the Payment Settlements Act, 2007," the company spokesperson said.

"Having received the new PA license, we now restart onboarding new customers and are committed to serving them with our industry-first payment solutions. We welcome this new development and are delighted to be one of the first Payment Gateways to have received the final PA license from RBI," the spokesperson added.

Last year, the RBI asked Razorpay, Cashfree, PayU and Paytm, which hold in-principal approvals for payment aggregator licence, to stop on-boarding new online merchants till they get the final licence. 

Paytm and PayU India are still awaiting the RBI nod.

Cashfree Payments spokesperson said, "Securing the PA licence from the RBI is a pivotal moment for Cashfree Payments, affirming our focus on compliance and highlighting the significance of a well-regulated payments landscape."

"We are now onboarding new merchants on our payment gateway. We are very excited about this new phase of our journey, where we continue to  drive exponential growth and retain our market leadership as the preferred aggregator in the payments space," the spokesperson added.