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Paytm Payment Services gets RBI extension to resubmit PA licence application

Paytm Payment Services Ltd (PPSL) has acquired an extension from the Reserve Bank of India (RBI) to resubmit its utility for a price aggregator (PA) licence, stated One97 Communications, the determine company of PPSL, in a regulatory submitting on March 26.

The crucial financial institution has additionally allowed PPSL to hold its operation as a price aggregator at the same time as it awaits approval from the authorities at the beyond investments acquired from One97 Communications, the trade submitting added.

`As in step with RBI`s letter, on receipt of approval from GoI (Government of India), PPSL can have 15 days to publish the utility searching for authorisation for PPSL to function as a web PA. However, if any damaging choice is taken through the GoI, then the equal will be knowledgeable to RBI immediately,” One97 Communications knowledgeable the inventory exchanges.

“During this process, PPSL can hold with its on line price aggregation enterprise for present partners, with out onboarding any

new traders,” it added.

The brand new trends can have “no fabric impact” on PPSL`s enterprise and revenues, the corporation claimed, including that the communique from RBI is applicable “best to onboarding of latest on line traders and we are able to hold to offer price offerings to our present on line traders”.

Furthermore, for offline enterprise, One97 Communications can hold to onboard new traders and provide them price offerings which includes all-in-one QR, soundbox, card machines, etc, it clarified.

Notably, the RBI had mandated that every one PAs will be approved through it, beneathneath the brand new set of tips issued in March 2020. For this, the regulator told non-financial institution corporations providing PA offerings to use for authorisation through June 30, 2021, which changed into later driven to September 30, 2021.

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