Paytm gets RBI nod to restart digital wallet.
\n\nPaytm has received in-principle approval from the Reserve Bank of India (RBI) to restart its digital wallet business through its subsidiary, Paytm Payments Services Limited (PPSL), marking a significant step in the fintech major’s efforts to revive a key segment of its payments operations. The approval comes nearly three years after regulatory restrictions on Paytm Payments Bank disrupted its wallet services and forced the company to reassess its payments business. The latest development could pave the way for Paytm to re-enter the digital wallet space, subject to fulfilment of the conditions stipulated by the central bank.
\n\nThe approval allows the wholly owned subsidiary of Paytm parent One 97 Communications to set up a system for issuing and operating prepaid payment instruments, including digital wallets, subject to final authorisation, the company said in a stock exchange filing on Friday.
\n\nPPSL must complete a systems audit, including a cybersecurity audit, and submit the report to the RBI (Reserve Bank of India) within six months, failing which the in-principle approval would lapse.
\n\nThe approval allows PPSL to issue and operate prepaid payment instruments, including digital wallets, subject to final authorisation, the company said in a…
Original source: https://www.timesnownews.com/business-economy
