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The surrender of the payments licenses comes even as Tata Digital says it is sharpening its focus on financial services.
The move comes less than three months after the Reserve Bank of India formally cancelled Paytm Payments Bank's licence.
The approval paves the way for Junio to roll out a digital wallet service integrated with the Unified Payments Interface (UPI).
The RBI said, in an order dated September 10, 2025, a penalty was imposed on PhonePe for non-compliance with certain norms related to PPIs.
Zaggle will leverage Rio Money's network of over 3,400 corporate customers to offer the co-branded Yes Bank Rio RuPay Credit Card to over 3.2 million users.
Zaggle said it received the approval from its board to acquire the stake from Effiasoft cofounders Koushik Shee and Akula Krishna Rao.
The net profit reached Rs 18.5 crore during the quarter compared to Rs 7.78 crore reported in Q2 FY24.
