Paytm Payments to reapply for authorisation of payment aggregator service

India’s leading digital payments and financial services company Paytm on Saturday shared an update with the exchanges about its 100 per cent subsidiary, Paytm Payments Services Limited (PPSL).

The company said that it has received a letter from the RBI in response to an application from PPSL for the authorisation to provide payment aggregator services (“PA application”) for online merchants.

The company can now resubmit the application within 120 calendar days for the payment aggregator services.

Ahead of that, the company will seek necessary approval for past downward investment from One97 Communications Ltd (OCL) into PPSL, to comply with FDI guidelines.