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RBI directed the platform to continue its online payment aggregation business while awaiting government approval for past investment from the parent into PPSL.
Digital financial services firm One97 Communications, which operates the Paytm brand, has 15 days more to apply for the online payment aggregator licence for its subsidiary PPSL, a regulatory filing said on Sunday.
The company has revealed that the central bank RBI has allowed Paytm to continue with the Online Payment Aggregation business, while it awaits approval from Government of India (GoI) for past investment from OCL into PPSL as per FDI Guidelines, , paytm, Payment Aggregator (PA)
"As per RBI's letter, on receipt of approval from GoI, PPSL will have fifteen days to submit the application, seeking authorisation for PPSL to operate as an online PA," the filing said. Paytm Gets 15-Day Extension to Apply for Online Payment Aggregator Permit.
The Reserve Bank of India in November rejected its application for a payment aggregator (PA) licence for Paytm Payments Services Limited.