Paytm’s Vijay Shekhar Sharma mentioned that the corporate would reapply for the fee aggregator (PA) licence. Shekhar was talking on the firm’s Annual Common Meet on Thursday.
“We are going to apply for the fee aggregator licence to RBI sooner or later,” mentioned Vijay Shekhar Sharma.
This comes after Paytm mum or dad One97 Communications mentioned in August that Paytm Funds Providers Restricted acquired approval from the federal government for downstream funding from One97 into PPSL. “ With this approval in place, PPSL will proceed to resubmit its PA software. Within the meantime, PPSL will proceed to offer on-line fee aggregation companies to current companions,” it had mentioned in a submitting.
The RBI had cancelled Paytm’s PA licence allow software in November 2022.
In the meantime, shares of Paytm have been buying and selling flat at Rs 671 in early offers towards the earlier shut of Rs 667 on BSE on Thursday. Market cap of the agency stood at Rs 42,693 crore.
Throughout the AGM, Sharma mentioned that he’s relatively happy with what the Paytm crew has achieved, particularly within the cellular funds house. “Over the previous yr, my crew has remodeled the enterprise mannequin right into a fee centric, specializing in service provider fee options together with mortgage, insurance coverage or mutual fund companies for them. We now have successfully scaled this enterprise mannequin, the place retailers use gadgets like Soundbox and Card Machines by means of subscriptions,” he mentioned.
Sharma mentioned that Paytm had a strong steadiness sheet and its money steadiness was Rs 8,500 crore as of FY24.
In February, the apex financial institution had imposed restrictions on all companies offered by Paytm Funds Financial institution. “After March 15, 2024, you will be unable to deposit cash into your account with Paytm Funds Financial institution. No credit or deposits apart from curiosity, cashbacks, sweep-in from associate banks or refunds are allowed to be credited,” the RBI had said in its order.
