Paytm's subsidiary, was recently asked by the Reserve Bank of India (RBI) to reapply for a Payment Aggregator License,

Image By- Inidian Express

The company has been asked not to onboard new online merchants while the licence application.

Image By-  Outlook

However, PPSL is not barred from doing business with existing online merchants. 

The letter also asked PPSL to comply with the Foreign Direct Investment (FDI) norms.

Payment Aggregator is a payment services provider that pools funds received from customers.

hese services include online and offline touchpoints, including cheque transaction.

PPSL is a wholly-owned subsidiary of Paytm Payments Services Limited (PPSL).

PPSL said the rejection had "no material impact" on the company's business.

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