The Reserve Bank of India (RBI) has given Paytm Payments Services an extension to resubmit its application for a payment aggregator license, parent company One97 Communications said in an exchange filing on Sunday.
In November last year, RBI had said PPSL, a wholly-owned subsidiary of One97 Communications (OCL), would have to resubmit the application for PA services within 120 calendar days. With the extension, PPSL can continue its Online Payment Aggregation business while it awaits approval from the Centre for past investment from OCL in line with FDI guidelines.
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