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.