One 97 Communications’ (OCL) wholly-owned subsidiary -- Paytm Payments Services (PPSL) has received the Reserve Bank of India’s (RBI) nod to operate as an online payment aggregator. The move also removes restriction on Paytm Payments Services from onboarding new merchants which was imposed on the company on November 25, 2022.
The company had applied for the permit in March 2020 but the approval was stuck due to certain compliance issues related to Foreign Direct Investment in the company.
One97 Communications is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, the company builds technologies that help small businesses with payments and commerce.
