Vivek Joshi, the minister of financial services, said the company may approach India’s central bank to apply for a payments aggregator license, which the bank will evaluate. (Photo: Reuters)
By Nikunj Ohri and Manoj Kumar
India’s Paytm has received government approval for an investment of 50 crore rupees ($5.97 million) in a key subsidiary, a senior finance ministry official told Reuters on Friday.
The approval, which was months in the making due to the company’s ties to China, removes the biggest hurdle for the Paytm Payment Services division to resume normal operations.
Paytm Payment Services is one of the largest remaining parts of the fintech company, accounting for a quarter of consolidated revenue in the fiscal year ended March 2023.
Earlier this month, Reuters reported that the government had given the green light for the investment.
Vivek Joshi, minister of financial services, said the company can approach India’s central bank to apply for a payment aggregator license, which the bank will then evaluate.
Shares of Paytm rose 10% to 509.05 rupees after the news.
First print: Jul 26, 2024 | 3:24 PM IST
