Noida-based Paytm General Insurance withdraws application with Irdai

Paytm General Insurance Limited (PGIL), an associated company of One97 Communications, has withdrawn its application for registration as a general insurance company with the Insurance Regulatory and Development Authority of India (IRDAI).

The Noida-based company said it will focus on the insurance distribution portfolio built by Paytm Insurance Broking Private Limited (PIBPL), moving away from making its own general insurance products for users.

The move will enable One97 Communications Limited (OCL) to save Rs 950 crore, which was designated for investment in PGIL.