India Banking Regulator Asks Paytm Unit to Reapply for License
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India’s banking regulator asked a unit of Paytm to resubmit its application for approval required to provide payment aggregator services, a potentially lucrative business the company is trying to expand into.
The Reserve Bank of India asked Paytm Payments Service Ltd. to resubmit its application after seeking necessary approvals from its parent to comply with foreign direct investment guidelines, the fintech company said in a disclosure to stock exchanges on Saturday.