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Paytm Gets Govt Nod For INR 50 Cr Investment In Its Payment Arm; Stock Rallies 10%

Inc42 · 1y ago

Paytm Gets Govt Nod For INR 50 Cr Investment In Its Payment Arm; Stock Rallies 10%

Paytm's stock saw a 10% rise to INR 508.85 per share on the BSE after receiving government approval to invest INR 50 Cr in its payments subsidiary, Paytm Payment Services. This approval allows them to apply for a payment aggregator license from the Reserve Bank of India.

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Paytm Gets Govt Panel’s Nod For INR 50 Cr Investment In Paytm Payment Services

Inc42 · 1y ago

Paytm Gets Govt Panel’s Nod For INR 50 Cr Investment In Paytm Payment Services

The government panel responsible for overseeing investments related to China has given its clearance for Paytm's INR 50 Cr investment in its subsidiary. However, the approval still needs to be reviewed by finance minister Nirmala Sitharaman. This investment will enable Paytm to apply for an online payment aggregator license from the Reserve Bank of India.

Paytm gets govt nod for downstream investment into payment services arm

Economic Times

Economic Times · 11m ago

Paytm gets govt nod for downstream investment into payment services arm

Paytm has received approval from the finance ministry to invest in its payment services business. As a result, the payment services business will resubmit an application for its payment aggregator license. The approval was granted by the Government of India, Ministry of Finance, Department of Financial Services.

Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator

Money Control

Money Control · 1y ago

Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator

Fintech company Mobikwik's payment gateway arm, Zaakpay, has received in-principle approval from RBI to operate as a payment aggregator. This will enable Zaakpay to onboard new merchants. Mobikwik had applied for the license two years ago, and after initially being rejected in 2021, they reapplied in October 2022. Other top payment gateway firms in India, including Razorpay, Paytm, PayU, and Cashfree, are still awaiting final approval from RBI to onboard new merchants.

Govt defers nod for Paytm's investment in its payments arm

VCCircle

VCCircle · 1y ago

Govt defers nod for Paytm's investment in its payments arm

The Indian government has postponed its approval of Paytm's $6 million investment in its Paytm Payment Services arm. The deferment is reportedly due to concerns about a Chinese shareholding in the parent company. Paytm is already under investigation by India's banking regulator and financial crime-fighting agency after being ordered to wind down its payments bank. The government panel responsible for approving the investment includes representatives from India's home affairs, finance, and industries ministries, as well as the foreign office, which has cited "political grounds" for its rejection of the investment.

Paytm Shares Jump 10% Intraday On Heavy Trading Volumes

Inc42 · 11m ago

Paytm Shares Jump 10% Intraday On Heavy Trading Volumes

Shares of Paytm surged nearly 10% to INR 687.3 on the BSE following the GST Council's failure to decide on implementing an 18% GST on payment aggregators for UPI transactions under INR 2,000. Paytm is planning to reapply for a PA license after receiving approval to invest INR 50 crore in its payments unit.

Paysharp Gets Payment Aggregator Nod From RBI

Inc42 · 11m ago

Paysharp Gets Payment Aggregator Nod From RBI

Paysharp, a Chennai-based fintech startup, has received final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator. Founded in 2019, the company has raised INR 23 Cr in funding and is currently valued at INR 200 Cr. Paysharp's business model revolves around providing flat pricing for merchants, with a specific focus on non-card-based payment solutions such as UPI and virtual accounts.

Respite For Paytm? Fintech Giant Set To Secure Govt Nod To Invest In Payments Gateway Arm

Startup News FYI

Startup News FYI · 1y ago

Respite For Paytm? Fintech Giant Set To Secure Govt Nod To Invest In Payments Gateway Arm

Paytm, the troubled fintech major, is reportedly close to securing approval for its investment in its payments gateway arm. The matter has been pending for two years and the approval could provide some relief amid regulatory challenges. The Chinese shareholder of Paytm, Ant Group, reducing its stake is said to have influenced the government's decision. The investment is less than $12 million, and an inter-ministerial panel will make the final call. This development comes as Paytm faces regulatory issues, including restrictions on its payments bank arm imposed by the Reserve Bank of India.

Nazara Shares Slump 8.3% Intraday Post Board’s Nod To Raise INR 900 Cr

Inc42 · 10m ago

Nazara Shares Slump 8.3% Intraday Post Board’s Nod To Raise INR 900 Cr

Shares of a company experienced a slump, trading down 5.6% at INR 1028, following a decision to opt for a stock dilution to raise INR 900 Cr through preferential equity. This decline came at a time when the Sensex reached a peak of 0.98% after the Federal Reserve's announcement of a 50 bps rate cut, the first in four years.

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 1y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

Paytm gets NPCI nod to become a third-party UPI app

Money Control

Money Control · 1y ago

Paytm gets NPCI nod to become a third-party UPI app

The National Payments Corporation of India (NPCI) has granted approval to Paytm to continue offering Unified Payments Interface (UPI) services as a Third-Party Application Provider (TPAP) under a new multi-bank model. Paytm will partner with four banks - Axis Bank, HDFC Bank, State Bank of India, and Yes Bank - to provide payment services through UPI. Yes Bank will also act as the merchant acquiring bank for Paytm's UPI merchants. Paytm has been instructed to complete the migration of existing handles and mandates to the new banks at the earliest.

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