India, May 28 -- NASDAQ-listed PayPal Holdings Inc's Indian subsidiary PayPal Payments Private Limited has received the Reserve Bank of India's approval to operate as a payment aggregator for cross border exports (PA-CB-E).

"The in-principle PA-CB-E approval by RBI is a significant milestone for PayPal. It reflects the strength of India's regulatory vision and the progress toward seamless, secure cross-border transactions," PayPal India's director of corporate affairs Nath Parameshwaran said.

For the uninitiated, payment aggregator licences are categorised into three types based on their operations, which is - export only PA-CB (PA-CB-E), import only PA-CB (PA-CB-I) and export and import PA-CB (PA-CB-E&I).

PayPal, having obtained the n...