IRCTC Payments receives preliminary authorization from RBI to function as a digital payment intermediary
The Indian Railway Catering and Tourism Corporation (IRCTC) has taken a significant step towards expanding into the digital payments market. On August 4, 2025, IRCTC announced that its wholly owned subsidiary, IRCTC Payments Limited, had received in-principle approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
IRCTC Payments Limited, incorporated in February 2024, has been developing payment processing software and financial technology tools to support the e-commerce activities of its parent company. The subsidiary operates IRCTC i-Pay, a platform that supports internet banking, credit and debit cards, wallets, UPI, autopay, and prepaid instruments like gift cards.
The in-principle approval comes as part of IRCTC's long-term strategy to build IRCTC Payments into a broader technology-based financial services provider. The company aims to offer solutions to government agencies, state-owned companies, and private businesses, and plans to work with both government and private-sector entities for secure and seamless digital transactions.
However, the process for receiving final authorization could take up to a year, according to previous statements by IRCTC. The in-principle approval requires IRCTC Payments Limited to meet certain conditions before receiving final authorization.
In the 2024 fiscal year, IRCTC i-Pay reported revenue of Rs 114.54 crore, a 19.33% increase from the previous year. The subsidiary's growth suggests a promising future for its expansion into the digital payments market.
It is important to note that, as of my last knowledge in 2023, there were no specific details available regarding a planned timeline for the final authorization of IRCTC Payments Limited by the Reserve Bank of India. The approval processes for payment systems and license applications can vary based on requirements and internal evaluations by the RBI. For the latest information, it is advisable to consult the official channels of the Reserve Bank of India or IRCTC Payments Limited directly.
IRCTC's foray into the digital payments market is an exciting development for the corporation and could pave the way for a more digitally integrated future in India's railway sector.
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