Paytm makes big announcement – Paytm awaits government approval for OCL’s investment in payment services.

Description of Paytm: One97 Communications Limited has clarified that it has not sought government approval to invest in its payment aggregator subsidiary Paytm Payment Services Limited. Paytm on Monday gave a clear answer to its current situation with speculation of an investment in its payment gateway arm, Paytm Payments Services.

OCL disclosed the information in an exchange filing.

Paytm parent One97 Communications Limited (OCL) said in a recent exchange filing that it is awaiting government approval for the investment. However, it has assured its online merchant partners that it will continue to provide uninterrupted services to them.

Paytm’s plea before the RBI was rejected.

Paytm Payment Services Limited (PPSL) had applied for a license to operate as a payment aggregator from the Reserve Bank of India (RBI). The request was made under the guidelines of the Payment Aggregators and Payment Gateways Regulation. However, the RBI rejected PPSL’s application in November 2022 and asked the company to resubmit it in compliance with Press Note 3 under FDI rules.

Paytm Payment Services Limited will continue to provide services to merchant partners.

“As part of the application, PPSL has also applied to the Government of India for approval of the investment made by OCL, the approval of which is currently awaited. We would have received the approval,” Paytm told the stock market. Is.” In the meantime, PPSL will continue to provide services to its existing online business partners, Paytm said.

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