BlackBuck Subsidiary Gets PPI Licence From RBI

Listed logistics major BlackBuck parent Zinka Logistics’ subsidiary has secured a prepaid paid instruments (PPI) licence from the Reserve Bank Of India (RBI). 

In an exchange filing today, the company said that the central bank granted the licence to TZF Logistics Solutions Pvt Ltd, its wholly owned subsidiary.

Under the Payment and Settlement Systems Act, 2007, a licence is necessary for banks and non-banks to issue PPIs.

For context, PPIs facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, and more, against the value stored therein.

“The license will help TZF Logistics Solutions Pvt Ltd, wholly owned subsidiary of the company set up and operate a payment system for prepaid payment instruments,” BlackBuck said in its filing.

As per BlackBuck’s RHP, filed in November last year, TZF Logistics is engaged in the business of providing technology based logistics products and services including transport for providing customers with a platform for hiring of all types of trucks, lorries, containers, cold storage vehicles, cars, fleet taxis, among others.

While BlackBuck didn’t exactly specify how it plans to use PPI, it can likely provide it to truckers for making fuel and FASTag payments.

(The story will be updated soon)

The post BlackBuck Subsidiary Gets PPI Licence From RBI appeared first on Inc42 Media.