Business News Desk, Paytm Payment Services, a company in the queue for payment aggregator license, has received an important approval from the government today. One 97 Communications Limited has said in a information sent to the stock market today that it has received approval for FDI from the government and the company will once again apply for the license of payment aggregator. This news came after the market closed today. Earlier in Wednesday’s trading, the stock closed with a decline. At the end of the day, the stock of One 97 Communications closed at 538 with a decline of 1.4 percent.
What information has the company given
In the information sent by One 97 Communications to the stock market, it has been said that the company’s wholly owned subsidiary Paytm Payments Services Limited has received approval from the Department of Financial Services, Ministry of Finance, Government of India for downstream investment in Paytm Payments Services by the company. Downstream investment means investment by an Indian company with foreign investment in another Indian company. Many rules have to be fulfilled for this. Paytm said that with the approval, PPSL will once again apply for the license of payment aggregator. During this time, the company will continue to provide online payment aggregation services to its existing customers.
