Overview

• The RBI’s September 25 letter directs Simpl to immediately stop activities involving payment, clearing and settlement for operating without a Certificate of Authorisation.
• Simpl confirmed receipt of the notice and said it is engaging with regulators and awaiting clarification on next steps.
• The suspension risks disrupting transactions for about 7 million users and 26,000 merchants during the festive sales period.
• The action comes after a separate July ED case alleging FEMA/FDI violations of roughly INR 913.75–914 crore against Simpl and founder Nitya Sharma, which the company says is unrelated.
• Simpl positions itself as an intermediary BNPL checkout service that charges merchants rather than lending directly, and it has raised more than $83 million from global investors.