Paytm Payments Services Limited to resubmit application to RBI”, PPSL had to resubmit the application for PA services within 120 calendar days. In this regard, we would like to inform you that we have recently received an extension of time from RBI for resubmission of the application. The letter from RBI says that PPSL can continue with the Online Payment Aggregation business, while it awaits approval from
Government of India (‘GoI’) for past investment from OCL into PPSL as per FDI Guidelines.
As per RBI’s letter, on receipt of approval from GoI, PPSL will have fifteen days to submit the
application seeking authorisation for PPSL to operate as an online PA.
However, if any adverse decision is taken by the GoI, then the same shall be informed to RBI immediately. During this process, PPSL can continue with its online payment aggregation business for existing partners, without onboarding any new merchants.
This continues to have no material impact on our business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants. Furthermore, for offline business, OCL can continue to onboard new merchants and offer them payment services including All-in-One QR, Soundbox, Card Machines, etc.
