Paytm gets Finance Ministry nod for ‘downstream investment’ in Paytm Payments Services

One 97 Communications, the parent company of Paytm, on Wednesday announced that it has received approval from the Ministry of Finance to invest in its wholly owned subsidiary, Paytm Payments Services Limited (PPSL). With this approval in place, PPSL will proceed to resubmit application for its payment aggregator license.

In a regulatory filing, Paytm said, “We would like to inform you that PPSL has received approval from the Government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the Company into PPSL. With this approval in place, PPSL will proceed to resubmit its PA application.”