Paytm gets more time from RBI to re-submit application for payment aggregator licence

In an exchange notification on Sunday, the company said, “We have recently received an extension of time from RBI for resubmission of the application. The letter from RBI says that PPSL can continue with the Online Payment Aggregation business, while it awaits approval from Government of India (‘GoI’) for past investment from OCL (One 97 Communications) into PPSL as per FDI Guidelines.”

PPSL is a 100 percent subsidiary of One 97 Communications.

In November last year, the Reserve Bank of India (RBI) had returned PPSL’s application seeking a payment aggregator (PA) licence, asking it to reapply within 120 calendar days after meeting certain conditions. The conditions included PPSL seeking necessary approval from the Government of India for past downward investment from One 97 Communications into PPSL, to comply with FDI guidelines.

Paytm has now been granted 15 days’ time to re-apply for the licence from the date of receiveing the necessary government nod.