According to the company’s filings with the Bombay Stock Exchange (BSE), the Reserve Bank of India (RBI) has rejected Paytm’s application for a payment aggregator (PA) licence. Additionally, Paytm is no longer allowed to welcome new online retailers. Paytm said in its filing that Paytm Payments Services Limited (PPSL), a 100% subsidiary of the payments company, has received a letter from the RBI outlining the next steps in getting the licence. The RBI has given Paytm 120 days to resubmit their application. The company said that the services offered by its current online merchants will not be impacted.
Paytm has been denied Payment Aggregator Licence for now; RBI directed it to reapply
