BENGALURU (Reuters) -Indian fintech firm Paytm’s Payment Services unit has got ‘in-principle’ approval from the country’s central bank to operate as an online payment aggregator, it said on Tuesday. In August 2024, the company had said it would submit an application with the Reserve Bank of India to seek a payment aggregator license. That move […]
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Paytm’s unit gets Indian central bank nod to operate as online payment aggregator
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BENGALURU (Reuters) -Indian fintech firm Paytm’s Payment Services unit has got ‘in-principle’ approval from the country’s central bank to operate as an online payment aggregator, it said on Tuesday.
In August 2024, the company had said it would submit an application with the Reserve Bank of India to seek a payment aggregator license. That move came seven months after the central bank ordered it to wind down its payments bank.
Payment services accounted for more than half of the fintech firm’s consolidated revenue in the quarter ended June 30.
Last week, China’s Ant Group exited the firm by selling its remaining 5.84% stake in block deals.
(Reporting by Nishit Navin; Editing by Sahal Muhammed)