ETtech Exclusive: RBI orders BNPL firm Simpl to halt payment services

The Reserve Bank of India (RBI) has asked Bengaluru-based fintech startup Simpl to halt all payment operations.

In a letter dated September 25, a copy of which was reviewed by ET, the central bank stated: “The entity is directed to immediately stop the business of payment systems carried out by involving functions of payment, clearing, and settlement.”