RBI turns down Paytm’s application for payment aggregator licence

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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.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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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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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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