Paytm gets extension to apply for online payment aggregator permit

Digital financial services firm One97 Communications, which operates the Paytm brand, has 15 days more to apply for the online payment aggregator licence for its subsidiary PPSL, a regulatory filing said on Sunday.

The Reserve Bank of India (RBI) in November rejected its application for a payment aggregator (PA) licence for Paytm Payments Services Limited (PPSL) and asked to resubmit the application for the same within 120 days.

One97 Communications (OCL) in the regulatory filing said that it has received a letter from the RBI, which says PPSL can continue with the Online Payment Aggregation business, while it awaits approval from the central government for past investment from OCL into PPSL as per FDI Guidelines.