Paytm, a outstanding fintech firm, has secured approval from the finance ministry to put money into its fee providers enterprise, the corporate introduced on Wednesday.
The corporate, formally generally known as One 97 Communications, has been beneath 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 utility to the ministry to regain the license for its funds providers enterprise. The corporate mentioned that Paytm Cost Companies will proceed to supply on-line fee aggregation providers to present companions.
Though Paytm didn’t disclose the specifics of the authorised funding, Reuters reported in July, based mostly 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 Cost Companies, a major factor of the fintech agency’s operations, contributed 1 / 4 of its consolidated income within the fiscal 12 months that led to March 2023.
In July, Vivek Joshi, monetary providers secretary, mentioned that the corporate might strategy 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. For the reason that 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 generally known as One 97 Communications, has been beneath 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 utility to the ministry to regain the license for its funds providers enterprise. The corporate mentioned that Paytm Cost Companies will proceed to supply on-line fee aggregation providers to present companions.
Though Paytm didn’t disclose the specifics of the authorised funding, Reuters reported in July, based mostly 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 Cost Companies, a major factor of the fintech agency’s operations, contributed 1 / 4 of its consolidated income within the fiscal 12 months that led to March 2023.
In July, Vivek Joshi, monetary providers secretary, mentioned that the corporate might strategy 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. For the reason that central financial institution’s order to wind down the fee financial institution in January, the corporate’s shares have declined by greater than 29%.
