Digital funds and monetary companies firm Paytm has shared an replace with the exchanges about its 100 per cent subsidiary, Paytm Payments Services.

The fintech firm mentioned that it has acquired a letter from the Reserve Bank of India in response to an software from its subsidiary for the authorisation to offer cost aggregator companies for on-line retailers.

The firm can now resubmit the applying inside 120 calendar days for the cost aggregator companies. Ahead of that, the corporate will search vital approval for previous downward funding from Paytm into its subsidiary, to adjust to overseas direct funding tips.

During this course of, the corporate is not going to onboard new on-line retailers.

“We can continue to onboard new offline merchants and offer them payment services including All-in-One QR, Soundbox, Card Machines, etc. Similarly, PPSL can continue to do business with existing online merchants, for whom the services will remain unaffected,” mentioned the corporate in its change submitting on Saturday.

This basically signifies that Paytm’s sturdy enterprise momentum is more likely to proceed, with no influence on its profitability goal as the corporate can proceed to work with its present on-line retailers.

Additionally, Paytm’s rising system deployments base and growing offline funds base may also not be impacted with this improvement, as it may proceed to onboard new retailers.

The firm particularly outlined in its submitting that this has no materials influence on its enterprise and revenues for the reason that communication from RBI is relevant solely to the onboarding of latest on-line retailers.

“We are hopeful of receiving the necessary approvals in a timely manner and resubmitting the application,” mentioned the corporate within the submitting.