Paytm Secures Govt Nod For $6 Mn Investment In Key Subsidiary
The approval clears a big obstacle, allowing Paytm Payment Services to resume normal business operations
Paytm has obtained government approval for its Rs 500 million (USD 5.97 million) investment in its subsidiary, Paytm Payment Services, after months of delay due to concerns over the company’s links to China.
The approval clears a big obstacle, allowing Paytm Payment Services to resume normal business operations. As one of the major segments of the fintech firm, Paytm Payment Services accounted for a quarter of the company’s consolidated revenue in the financial year ending March 2023.
This investment approval paves the way for Paytm to seek further regulatory clearance. Vivek Joshi, the financial services secretary, said that the company can now approach the Reserve Bank of India (RBI) to obtain a payment aggregator license, which will be subject to the central bank’s evaluation.
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