Friday, 24 March, 2023

RBI Refuses To Grant Paytm License As Payment Aggregator, Asks Company To Reapply

<p>The Reserve Bank of India (RBI) has refused to award Paytm Payments Services (PPSL) a payment aggregator license. The subsidiary of the fintech firm had requested authorization to provide payment aggregator (PA) services to online retailers. Paytm is the only major payment gateway company to have been rejected by the authority. The authority has given in-principle approval to incumbents such as Razorpay, Pine Labs, Cashfree, and CCAvenues.</p>