RBI asks Paytm Payments Services to re-apply for payment aggregator licence

The Reserve Bank of India (RBI) has asked Paytm Payments Services to resubmit the application for a payment aggregator licence within 120 days, the payments services company’s parent One97 Communications said in a press release late on Friday.

A letter from RBI has asked the payments services company to seek regulatory approval for past downward investment from One97 Communications to Paytm Payments Services to comply with foreign direct investment norms.