RBI turns down Paytm’s application for payment aggregator licence

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The Reserve Bank of India (RBI) has denied Paytm Payments Services Limited’s application to operate as a payment aggregator in India, according to a regulatory filing.

The central bank has now requested that PPSL submit its payment aggregator (PA) services application again within 120 calendar days, or four months. It should be noted that One97 Communications (OCL), which owns the Paytm brand, proposed transferring its payment aggregator services business to Paytm Payments Services (PPSL) in December 2020 in order to comply with the Reserve Bank of India’s payment aggregator (PA) guidelines (RBI). In September 2021, the fintech firm resubmitted the required documents. The application has now been responded to by the RBI.

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RBI turns down Paytm’s application for payment aggregator licence

The Reserve Bank of India (RBI) has denied Paytm Payments Services Limited’s application to operate as a payment aggregator in India, according to a regulatory filing.

The central bank has now requested that PPSL submit its payment aggregator (PA) services application again within 120 calendar days, or four months. It should be noted that One97 Communications (OCL), which owns the Paytm brand, proposed transferring its payment aggregator services business to Paytm Payments Services (PPSL) in December 2020 in order to comply with the Reserve Bank of India’s payment aggregator (PA) guidelines (RBI). In September 2021, the fintech firm resubmitted the required documents. The application has now been responded to by the RBI.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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