India-based Razorpay has obtained its final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA), allowing it to operate in GIFT City and move money into and out of India under a single regulatory framework. The announcement follows the in-principle approval the company received from the regulator in April 2026.
Infrastructure for global investing
Razorpay has built a full-stack, GIFT City-based infrastructure aimed at Indian investment platforms that want to offer overseas investing to Indian residents. Banking integrations are already in place with RBL Bank and ICICI Bank, while key investment platforms are expected to go live soon. The company has indicated that more banks will follow.
The setup is designed to replace a multi-step process with a single flow. Instead of connecting separately to multiple banks, compliance systems, and remittance partners, platforms can integrate once to offer global investing in line with the Foreign Exchange Management Act (FEMA) and GIFT City regulations. According to Razorpay, integrations that typically take months can be completed in two to three weeks.
Beyond investing, the infrastructure brings international collections, settlements, and multi-currency capabilities together under one regulated layer. The licence allows the company to move funds in foreign currency and hold them in multi-currency accounts, supporting flows that the domestic framework could not accommodate.
Market demand and regulatory direction
The development comes as outbound investment from India grows. According to the official press release, Indian residents invested USD 2.65 billion in overseas stocks and debt in FY26, a 56% increase year-on-year. Razorpay notes, however, that the infrastructure supporting this activity remains complex and fragmented, resulting in longer onboarding timelines, inconsistent user experiences, and operational uncertainty for both platforms and investors.
At the same time, regulators are increasingly steering cross-border investment flows through GIFT City, which places greater weight on compliant infrastructure built within it.
Rahul Kothari, Chief Operations Officer, Razorpay, described GIFT City as India’s vision of a global financial hub where money can move between India and the rest of the world under one regulatory framework. The official said the licence adds a new dimension to Razorpay’s existing cross-border portfolio, which already covers Indian consumers paying global businesses and Indian businesses collecting payments from customers abroad. In addition, it also enables the company to serve use cases ranging from Indians investing globally to non-resident Indians supporting their families in India.
Regulatory footprint and next steps
The licence extends Razorpay’s regulatory coverage, which already includes approvals from the Reserve Bank of India (RBI) across online, offline, and cross-border payments. With an IFSCA licence added, the company now holds authorisations spanning several layers of money movement, both domestic and international.
Razorpay plans to expand its GIFT City infrastructure across global investing, collections, settlements and other financial flows as the centre develops as a hub for international financial activity. For Indian investment platforms, the immediate implication is a shorter route to offering overseas products through a single regulated integration rather than a combination of separate banking, compliance and remittance partners.
