Paytm has received approval from the Centre to invest in its payments arm, Paytm Payment Services Limited (PPSL)
It will now be reapplying for a payment aggregator (PA) licence from the Reserve Bank of India (RBI)
The fintech major had applied for the licence in 2020 but the RBI resent its application a couple of years later
After months of speculation, Paytm said that it has received approval from the Centre, the finance ministry, and the department of financial services to invest in its payments arm, Paytm Payment Services Limited (PPSL).
The company is now looking to apply for a payment aggregator (PA) licence from the Reserve Bank of India (RBI). “With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners,” Paytm said in an exchange filing.