From The Indian Express
Owned by Indian Express GroupPaytm gets RBI preliminary nod for wallet, other pre-paid instruments
What's behind this
Paytm Payments Services Limited, a wholly‑owned subsidiary of One 97 Communications, has received an in‑principle approval from the Reserve Bank of India to set up and operate a payment system for issuing prepaid payment instruments such as wallets. The nod comes more than two years after the RBI barred Paytm Payments Bank from accepting fresh deposits and wallet top‑ups and earlier this year cancelled its banking licence. The subsidiary must submit a system‑audit report within six months. Following the announcement, Paytm’s shares rose to a 52‑week high in late trading on Friday.
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