A file photo of the interface of Indian payments app Paytm is seen in front of its logo.

A file picture of the interface of Indian funds app Paytm is seen in entrance of its brand.
| Photograph Credit score: Reuters

India’s banking regulator has declined a fee aggregator licence for the One 97 Communications Ltd unit that owns the favored Paytm model, asking it to reapply with 120 days after assembly sure circumstances.

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The regulator requested Paytm Funds Providers Ltd, a 100% subsidiary of One 97 Communications, to reapply after getting the mandatory approvals for overseas direct funding within the firm to adjust to present guidelines, the corporate mentioned in a notification to inventory exchanges on Saturday.

Cost aggregators, platforms that deliver collectively numerous on-line fee choices, should be licensed by India’s central financial institution and banking regulator, Reserve Financial institution of India.

In its communication to exchanges, One 97 Communications mentioned it doesn’t count on the delay in securing a fee aggregator licence to influence its enterprise.

The regulator additionally requested that Paytm Funds Providers not deliver onboard new on-line retailers till it reapplies for the licence.

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