Paytm Payment Services Limited (PPSL), a wholly owned subsidiary of One97 Communications, has received foreign direct investment (FDI) approval and will resubmit its payment aggregator (PA) licence application.
The company, in a regulatory filing, said: “This is in furtherance to our letter dated February 12, 2024, regarding the application of Paytm Payment Services Limited (PPSL), a wholly owned subsidiary of One97 Communications Limited (OCL or the Company), for a payment aggregator (PA) licence.”
It further said: “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. With this approval in place, PPSL will proceed to resubmit its PA application.”
The company said that, in the meantime, PPSL will continue to provide online payment aggregation services to existing partners. “We remain committed to a compliance-first approach and upholding the highest regulatory standards. As a homegrown Indian company, Paytm is focused on contributing to and advancing the Indian financial ecosystem,” said the filing.
First Published: Aug 28 2024 | 7:24 PM IST
