Paytm Payments will reapply for payment aggregator authorization

28 Nov 2022 , 06:58 AM

Paytm, a leading provider of financial services and digital payments in India provided an update to the exchanges regarding its 100% subsidiary, Paytm Payments Services Limited (PPSL).

The company received a letter from the RBI in response to PPSL’s application for authorization to provide payment aggregator services (“PA application”) for online merchants.

Now, the business has 120 calendar days to reapply for the payment aggregator services.

To comply with FDI requirements, the business will seek permission for a previous downward investment by One97 Communications Ltd. (OCL) into PPSL.