RBI asks Paytm unit to reapply for payment aggregator licence

India’s banking regulator has declined a payment aggregator licence for the One 97 Communications Ltd unit that owns the popular Paytm brand, asking it to reapply with 120 days after meeting certain conditions.

The regulator asked Paytm Payments Services Ltd, a 100% subsidiary of One 97 Communications, to reapply after getting the necessary approvals for foreign direct investment in the company to comply with existing rules, the company said in a notification to stock exchanges on Saturday.