The RBI’s move will be a crippling blow to a payments bank which has 50 million account holders and for a group which has 300 million wallets and a leader in the FASTag units segment.
The Reserve Bank of India (RBI) has allowed Paytm Payment Services Ltd (PPSL) an extension to resubmit its application for a payment aggregator (PA) licence, said One97 Communications, the parent firm of PPSL, in a regulatory filing on 26 March 2023. aaa
The central bank has also allowed PPSL to continue its operation as a payment aggregator while it awaits approval from the government on the past investments received from One97 Communications, the exchange filing added.