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HomeMarketStocksRBI asks Paytm unit to reapply for payment aggregator licence

RBI asks Paytm unit to reapply for payment aggregator licence

India’s banking regulator has declined a cost aggregator licence for the One 97 Communications Ltd unit that owns the favored model, asking it to reapply with 120 days after assembly sure circumstances.

The regulator requested Paytm Funds Providers Ltd, a 100% subsidiary of One 97 Communications, to reapply after getting the required approvals for overseas direct funding within the firm to adjust to present guidelines, the corporate mentioned in a notification to inventory exchanges on Saturday.

Fee aggregators, platforms that carry collectively numerous on-line cost choices, should be licensed by India’s central financial institution and banking regulator, Reserve Bank of India.

In its communication to exchanges, One 97 Communications mentioned it doesn’t count on the delay in securing a cost aggregator licence to affect its enterprise.

The regulator additionally requested that Paytm Funds Providers not carry onboard new on-line retailers till it reapplies for the licence.

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