Paytm Payments Services Limited (PPSL), a wholly owned subsidiary of One 97 Communications Limited, has been approved for the FDI and it will now resubmit the PA license application.
“This is in furtherance to our letter dated February 12, 2024, regarding the application of Paytm Payments Services Limited (PPSL), a wholly owned subsidiary of One 97 Communications Limited (OCL or the Company), for a payment aggregator (PA) licence,” the company informed on Wednesday in a regulatory filing.
“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. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners.”
The company added that it is 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,” it said.
