Paytm clarified that Govt approval to OCL investment in Paytm Payment Services awaited

Paytm clarification: One97 Communications Limited has made it clear that it has not received government approval for investment in its payment aggregator subsidiary company Paytm Payment Services Limited. Paytm on Monday gave this clear answer regarding its current situation amid speculations of investment in its payment gateway arm, Paytm Payments Services.

OCL gave information in exchange filing

Paytm's parent company One97 Communications Limited (OCL) said in a recent exchange filing that it is waiting for government approval for the investment. Despite this, it has assured its online merchant partners that it will continue to provide them services without any interruption.

Paytm's application before RBI was rejected

Paytm Payment Services Limited (PPSL) had applied for a license before the Reserve Bank of India (RBI) to operate as a payment aggregator. This application was made under the regulation guidelines of payment aggregators and payment gateways. However, RBI rejected PPSL's application in November 2022 and asked the company to resubmit it in compliance with Press Note 3 under FDI rules.

Paytm Payment Services Limited will continue to provide services to merchant partners.

Paytm told the stock market, “As part of the application, PPSL has also applied to the Government of India for approval of the investment made by OCL, the approval of which is currently awaited. We will inform the stock exchanges about this as soon as we get the approval.” .” Paytm said that in the meantime PPSL will continue to provide services to its existing online business partners.

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