India regulator asks One 97 co*munications unit to reapply for payment aggregator licence
[html]MUMBAI (Reuters) – India’s banking regulator has declined a payment aggregator licence for the One 97 co*munications Ltd unit that owns the…
MUMBAI (Reuters) – India’s banking regulator has declined a payment aggregator licence for the One 97 co*munications Ltd unit that owns the popular Paytm brand, asking it to reapply with 120 days after meeting certain conditions.
The regulator asked Paytm Payments Services Ltd, a 100% subsidiary of One 97 co*munications, to reapply after getting the necessary approvals for foreign direct investment in the co*pany to co*ply with existing rules, the co*pany said in a notification to stock exchanges on Saturday.
Payment aggregators, platforms that bring together various online payment options, must be licensed by India’s central bank and banking regulator, Reserve Bank of India.
In its co*munication to exchanges, One 97 co*munications said it does not expect the delay in securing a payment aggregator licence to impact its business.
The regulator also asked that Paytm Payments Services not bring onboard new online merchants until it reapplies for the licence.
(Reporting by Ira Dugal; Editing by William Mallard)
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