Paytm Payments Services To Resubmit Application For Payment Aggregator License
Once 97 Communications Ltd. on Wednesday announced that its wholly owned subsidiary Paytm Payments Services Ltd. will resubmit its payment aggregator license after receiving nod from the Government of India.
The Finance Ministry granted approval for downstream investment into Paytm Payments Services on Tuesday, as stated in the company's exchange filing. With this clearance, Paytm Payments Services can now apply for the license with the Reserve Bank of India. The subsidiary has been operating under restrictions since March 2023.
The financial technology firm also confirmed that Paytm Payments Services will continue to provide online payment aggregation services to its existing partners.
In July NDTV Profit had reported that the operator of Paytm, had received approval from the government to apply for a payment aggregator license. People in the know had told NDTV Profit that the nod came after the government was assured that the funds in Paytm Payments Services accounts are from the group's own sources and not from foreign funding.
Earlier this year, the RBI imposed restrictions on Paytm Payments Bank, another entity previously associated with Paytm. This regulatory action impacted the company's first quarter earnings, resulting in widened net losses and EBITDA losses, according to the company.
The company that has been facing many hurdles was recently under fire over a grant of 2.1 crore shares in financial year 2022 to its Managing Director and Chief Executive Office Vijay Shekhar Sharma.
The issue, initially flagged by investor advisory firms, has led to scrutiny and investigation by the country's two regulators - SEBI and RBI.
Once 97 Communications' stock rose as much as 2.71% during the day to Rs 559.95 apiece on the NSE. The stock closed 1.31% lower at Rs 528 per share. This compares with a 0.06% advance in the benchmark Nifty 50. It has fallen 39.06% in the last 12 months and 16.73% year-to-date.
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