Paytm, a outstanding fintech firm, has secured approval from the finance ministry to spend money on its fee providers enterprise, the corporate introduced on Wednesday.
The corporate, formally often known as One 97 Communications, has been underneath the watchful eye of banking regulator and monetary crime-fighting company following the central financial institution’s directive in January to close down its funds financial institution.
With the current approval, Paytm plans to submit a brand new software to the ministry to regain the license for its funds providers enterprise. The corporate stated that Paytm Fee Companies will proceed to supply on-line fee aggregation providers to current companions.
Though Paytm didn’t disclose the specifics of the authorized funding, Reuters reported in July, primarily based on data from a senior finance ministry official, that the corporate had obtained approval for a 500 million rupee (roughly $6 million) funding in its funds division.
Paytm Fee Companies, a significant factor of the fintech agency’s operations, contributed 1 / 4 of its consolidated income within the fiscal yr that resulted in March 2023.
In July, Vivek Joshi, monetary providers secretary, stated that the corporate may method India’s central financial institution to use for a fee aggregator license, which the financial institution would then assess.
On the day of the announcement, Paytm’s shares closed 1.3% decrease. Because the central financial institution’s order to wind down the fee financial institution in January, the corporate’s shares have declined by greater than 29%.
The corporate, formally often known as One 97 Communications, has been underneath the watchful eye of banking regulator and monetary crime-fighting company following the central financial institution’s directive in January to close down its funds financial institution.
With the current approval, Paytm plans to submit a brand new software to the ministry to regain the license for its funds providers enterprise. The corporate stated that Paytm Fee Companies will proceed to supply on-line fee aggregation providers to current companions.
Though Paytm didn’t disclose the specifics of the authorized funding, Reuters reported in July, primarily based on data from a senior finance ministry official, that the corporate had obtained approval for a 500 million rupee (roughly $6 million) funding in its funds division.
Paytm Fee Companies, a significant factor of the fintech agency’s operations, contributed 1 / 4 of its consolidated income within the fiscal yr that resulted in March 2023.
In July, Vivek Joshi, monetary providers secretary, stated that the corporate may method India’s central financial institution to use for a fee aggregator license, which the financial institution would then assess.
On the day of the announcement, Paytm’s shares closed 1.3% decrease. Because the central financial institution’s order to wind down the fee financial institution in January, the corporate’s shares have declined by greater than 29%.
