DBT Bureau
Bengaluru, 28 August 2024
Fintech firm One97 Communications — the owner of Paytm brand — has received the government’s approval for downstream investment in wholly owned subsidiary Paytm Payments Services Ltd, the company said in an exchange filing on Wednesday.
With the approval, the payment services business will resubmit application for its payment aggregator license.
“We would like to inform you that PPSL has received approval from the Government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the Company into PPSL,” the company said in the filing.
One 97 Communications has been under the scrutiny of India’s banking regulator after the Reserve Bank of India directed to stop its payments bank operations in January.
In the meantime, Paytm Payment Services will continue to provide online payment aggregation services to existing partners, the company said.
