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Paytm gets government nod for investment in payments arm: Details

The Cabinet has approved the third batch of ascending e-auctions for 730 FM radio channels under the 'Private FM Radio Phase III Policy'. This initiative aims to enhance local content in regional languages and generate new employment opportunities.

Edited By: Saumya Nigam @snigam04 New Delhi Published : Aug 28, 2024 19:01 IST, Updated : Aug 28, 2024 19:01 IST
Paytm
Image Source : PAYTM Paytm

India's Paytm has received approval from the country's finance ministry to invest in its payment services business, the fintech firm. 

One 97 Communications, which is popularly known as Paytm, has been under the scrutiny of India's banking regulator and financial crime-fighting agency after the central bank ordered it to wind down its payments bank in January (2024).

With the latest approval, the company will resubmit an application with the ministry to regain a license for its payments services business, Paytm stated.

In the meantime, Paytm Payment Services will continue to provide online payment aggregation services to existing partners, the company said.

Paytm did not share details of the investment that has been approved.

In July, Reuters reported, citing a top finance ministry official, that Paytm had secured approval for a 500 million rupee (about $6 million) investment in its payments arm.

Paytm Payment Services is one of the biggest remaining parts of the fintech firm's business and accounted for a quarter of its consolidated revenue in the financial year ended March 2023.

Vivek Joshi, India's financial services secretary, had said in July that the company can approach India's central bank to seek a payment aggregator license, which the bank will evaluate.

Shares of Paytm closed 1.3 per cent lower on the day. They have fallen more than 29% since January, when the central bank ordered a wind-down of the payment bank.

ALSO READ: Cabinet approves 730 new private FM Radio channels in 234 cities and towns

The Cabinet greenlighted the proposal for the third batch of ascending e-auctions for 730 channels under the ‘Private FM Radio Phase Ill Policy’. The move is also set to boost local content in the mother tongue and create new employment opportunities

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Inputs from Reuters

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