RBI Asks Paytm to Reapply for a Payment Aggregator License

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

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

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

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

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

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

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

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

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