Paytm’s Vijay Shekhar Sharma mentioned that the corporate would reapply for the cost aggregator (PA) licence. Shekhar was talking on the firm’s Annual Normal Meet on Thursday.
“We’ll apply for the cost aggregator licence to RBI in the end,” mentioned Vijay Shekhar Sharma.
This comes after Paytm guardian One97 Communications mentioned in August that Paytm Funds Companies Restricted obtained approval from the federal government for downstream funding from One97 into PPSL. “ With this approval in place, PPSL will proceed to resubmit its PA utility. Within the meantime, PPSL will proceed to offer on-line cost aggregation providers to current companions,” it had mentioned in a submitting.
The RBI had cancelled Paytm’s PA licence allow utility in November 2022.
In the meantime, shares of Paytm have been buying and selling flat at Rs 671 in early offers towards the earlier shut of Rs 667 on BSE on Thursday. Market cap of the agency stood at Rs 42,693 crore.
In the course of the AGM, Sharma mentioned that he’s relatively happy with what the Paytm workforce has achieved, particularly within the cellular funds house. “Over the previous yr, my workforce has remodeled the enterprise mannequin right into a cost centric, specializing in service provider cost options together with mortgage, insurance coverage or mutual fund providers for them. We’ve successfully scaled this enterprise mannequin, the place retailers use gadgets like Soundbox and Card Machines by means of subscriptions,” he mentioned.
Sharma mentioned that Paytm had a sturdy steadiness sheet and its money steadiness was Rs 8,500 crore as of FY24.
In February, the apex financial institution had imposed restrictions on all providers offered by Paytm Funds Financial institution. “After March 15, 2024, you won’t be able to deposit cash into your account with Paytm Funds Financial institution. No credit or deposits aside from curiosity, cashbacks, sweep-in from companion banks or refunds are allowed to be credited,” the RBI had said in its order.