Mumbai, 26/11: The Reserve Bank of India asked a unit of Paytm to resubmit its application for approval required to provide payment aggregator services, a potentially lucrative business the company is trying to expand into.
RBI asked Paytm Payments Service Ltd. to resubmit its application after seeking necessary approvals from its parent to comply with foreign direct investment guidelines, the fintech company said in a disclosure to stock exchanges on Saturday.
Paytm, backed by SoftBank Group Corp. and Ant Group Co., is expanding its product offering in a bid to convince investors of its earnings potential even as losses mount. Its stock has lost three-quarters of its value since Paytm’s initial public offering a year ago — the worst first-year decline among large IPOs globally over the past decade.
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