The Reserve Bank of India has reportedly given an 'in-principle' approval to payment gateway Cashfree Payments to operate as a payment aggregator. The startup has also received a prepaid payments instruments (PPI) licence. IIIT-Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta founded Cashfree Payments in 2015. It processes transactions worth $20 billion annually in India.