According to a regulatory filing made by One97 Communications, the parent company of Paytm Payment Services Ltd (PPSL), the Reserve Bank of India (RBI) has granted PPSL an extension to reapply for a payment aggregator (PA) license. The filing also revealed that PPSL will be permitted to continue operating as a payment aggregator while awaiting government approval on its past investments from One97 Communications.
The stock exchanges were informed by One97 Communications,”As per RBI’s letter, on receipt of approval from GoI (Government of India), PPSL will have 15 days to submit the application seeking authorisation for PPSL to operate as an online PA. However, if any adverse decision is taken by the GoI, then the same shall be informed to RBI immediately.”
“During this process, PPSL can continue with its online payment aggregation business for existing partners, without onboarding any
new merchants.”
