Indian fintech firm Paytm gets approval to invest 500M rupees into subsidiary, enabling it to seek "payment aggregator" license from RBI.
Indian fintech firm Paytm has received approval from a government panel to invest 500 million rupees ($6 million) into its key subsidiary, Paytm Payment Services, which has been waiting for the nod for about two years. The approval had been withheld due to concerns about China's Ant Group's 9.88% stake in Paytm. With the approval, Paytm can now seek a "payment aggregator" license from the Reserve Bank of India, allowing the payment services business to resume normal operations.
July 09, 2024
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