India’s Paytm gets government nod for investment in payments arm

BENGALURU :India’s Paytm has received an approval from the finance ministry to invest in its payment services business, the fintech firm said on Wednesday.
One 97 Communications, popularly known as Paytm, has been under the scrutiny of India’s banking regulator and financial crime-fighting agency after the central bank ordered it to wind down its payments bank in January.
With the latest approval, the company will resubmit an application with the ministry to regain a license for its payments services business, Paytm said.
In the meantime, Paytm Payment Services will continue to provide online payment aggregation services to existing partners, the company said.
($1 = 83.9300 Indian rupees)