The Reserve Bank of India has permitted Paytm Payments Services to operate as an online payment aggregator, parent One97 Communications told exchanges on Tuesday.
Restrictions on onboarding merchants against Paytm Payments Services have been withdrawn, the RBI said in the letter to the Paytm arm.
The in-principle authorisation to Paytm Payments Services covers only payment aggregator (PA) operations as defined in Guidelines on Regulations of Payment Aggregators and Payment Gateways, RBI clarified.
Transactions which do not fall under the ambit of the PA-PG guidelines, including pay-out transactions undertaken on behalf of merchants, cannot be routed through escrow accounts designated for PA operations, the central bank further stated.
Restrictions on onboarding merchants against Paytm Payments Services have been withdrawn, the RBI said in the letter to the Paytm arm.
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The in-principle authorisation to Paytm Payments Services covers only payment aggregator (PA) operations as defined in Guidelines on Regulations of Payment Aggregators and Payment Gateways, RBI clarified.
Transactions which do not fall under the ambit of the PA-PG guidelines, including pay-out transactions undertaken on behalf of merchants, cannot be routed through escrow accounts designated for PA operations, the central bank further stated.
