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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