Paytm requires a allow to function its cost gateway enterprise by means of which it facilitates funds to numerous retailers.
The Reserve Bank of India in November rejected its software for a cost aggregator (PA) licence for Paytm Payments Services Limited
Digital monetary companies agency One97 Communications, which operates the Paytm model, has 15 days extra to apply for the web cost aggregator licence for its subsidiary PPSL, in accordance to a regulatory submitting. The Reserve Bank of India in November rejected its software for a cost aggregator (PA) licence for Paytm Payments Services Limited (PPSL) and requested to resubmit the appliance for the identical inside 120 days.
One97 Communications (OCL) within the regulatory submitting mentioned that it has obtained a letter from the RBI, which says PPSL can proceed with the Online Payment Aggregation enterprise, whereas it awaits approval from the central authorities for previous funding from OCL into PPSL as per FDI Guidelines.
“As per RBI’s letter, on receipt of approval from GoI, PPSL can have fifteen days to submit the appliance, looking for authorisation for PPSL to function as a web-based PA,” the submitting mentioned.
Paytm requires a allow to function its cost gateway enterprise by means of which it facilitates funds to numerous retailers.
The company said that during the pending process, PPSL can continue with its online payment aggregation business for existing partners without onboarding any new merchants.
“This continues to have no material impact on our business and revenues since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants,” the submitting mentioned.
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(This story has not been edited by News18 workers and is revealed from a syndicated information company feed)
