India’s reserve bank has issued a request for digital payments banking platform Paytm Payments Bank to reapply for its license to operate in India.
A Bloomberg report (November 6) detailed the Reserve Bank of India’s request to the payments company, finding Paytm must resubmit its payments banking operations application after its parent company, One97, gains the necessary approvals to be in line with foreign investment guidelines.
“This has no material impact on our business and revenues, since the communication from the Reserve Bank of India is applicable only to onboarding of new online merchants,” a representative from Paytm told Bloomberg.
According to the report, Paytm has 120 days to resubmit the application, but can still add offline merchants as users of its banking payments aggregation platform in the meantime.
The company has recently been making changes to its executive team, bringing Deependra Singh Rathore on as the new interim CEO when previous CEO Satish Gupta retired in October.
At the time, a spokesperson from Paytm said of the shift, “We are focused on bringing the best of technology-driven banking to drive financial inclusion. As we continue our journey, we are excited to strengthen our leadership team and have seasoned experts from banking and financial services join us.”
Having strong leadership is key when leading a digital banking payments platform, as the demand for digital payments is trending positive.
Source : PYMNTS