Paytm Payments Services Limited (PPSL) received government approval for downstream investment from its parent, One 97 Communications Limited.
With this approval from the Ministry of Finance, Department of Financial Services in place, PPSL will proceed to resubmit its payment aggregator application, the parent company said in a stock exchange filing.
In the meantime, PPSL will continue to provide online payment aggregation services to existing partners.
Earlier this year, the Reserve Bank of India (RBI) had cancelled the company’s operating licence due to concerns surrounding payments from unverified accounts.
RBI had directed Paytm Payments Bank to stop accepting fresh deposits from customers after failing to place an internal mechanism to detect and report suspicious transactions.
While the initial deadline was set to February 29, it was later extended to March 15. Subsequently, RBI revoked the licence of Paytm Payments Bank.
