Reuters | | Posted by Shobhit Gupta
Indian monetary know-how firm Paytm Payments Services Ltd has obtained an extension from the nation’s banking regulator to use for a cost aggregator licence and goals to reapply in about 15 days, the corporate mentioned on Sunday.
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Paytm Payments Services, within the meantime, can proceed with the web cost aggregation enterprise for its current companions, with out taking up any new retailers, the corporate mentioned in a notification to inventory exchanges on Sunday.
Paytm Payments Services Ltd is an entirely owned subsidiary of One 97 Communications.
Payment aggregators, platforms that convey collectively varied on-line cost choices, have to be licensed by India’s central financial institution and banking regulator, Reserve Bank of India.
In November, India’s banking regulator had declined a cost aggregator licence for the One 97 Communications unit that owns the favored Paytm model.
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The firm mentioned that the most recent transfer has no materials affect on its enterprise and income and for the offline a part of the enterprise, the corporate can proceed to tackle new retailers and supply them cost companies.
Source web site: www.hindustantimes.com
