India defers approval of Paytm's $6m investment due to Chinese shareholding concerns in parent company.
India has deferred approval of Paytm's $6m investment in its Paytm Payment Services arm due to concerns about Chinese shareholding in the parent company. Paytm, already under scrutiny by India's banking regulator and financial crime-fighting agency, sought government approval for the investment made in its newly established payments gateway arm, a necessary step for obtaining a payment aggregator license to accept online payments. The Ministry of Home Affairs approved the investment in January, but the foreign ministry rejected it, citing "political grounds." Paytm has not been officially informed of any deferral or proposed penalty.
April 16, 2024
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