On November 13, the RBI granted preliminary approval to Paytm's subsidiary, PPSL, to launch services like digital wallets. However, the company is still awaiting final approval from the RBI.
Paytm gets major RBI approval, wallet to return.
In today's digital age, people increasingly prefer online payments, and since the advent of online payments, people have reduced carrying cash around. So, if you've ever used the Paytm wallet, this information is important for you.
Meanwhile, a major update regarding Paytm has come from the Reserve Bank of India (RBI), raising hopes of the company's wallet service resuming. The RBI has granted initial approval to Paytm's subsidiary to resume services like Digital Wallet.
When was the approval received?
Paytm's parent company, One97 Communications, informed the stock exchanges that the RBI has granted preliminary approval to its subsidiary, Paytm Payments Services Limited (PPSL). This approval was granted today, November 13th.
Will Paytm wallet start again?
The important thing is that after receiving initial approval from the RBI, people might think that the Paytm Wallet service will be restored immediately. However, this is not the case. Receiving initial approval from the RBI does not necessarily mean that the Paytm Wallet service will be restored immediately. The company will still need to obtain final approval from the RBI to resume the wallet service.
RBI rules will have to be followed
Yes, it's true that after receiving initial approval from the RBI, the company can move forward with offering services like digital wallets. However, it must comply with the RBI's August 2021 regulations and any changes made to them.
Final approval will have to be taken from RBI
The important thing is that the company still needs to obtain another approval from the RBI, called a Certificate of Authorization. After receiving this final approval, the company will be able to offer wallet services to its customers.
Paytm users, pay attention.
Paytm users should wait for the wallet service to resume. The company has received preliminary approval from the RBI, but final approval is still pending. Stay tuned for official updates from the company. Until then, you can use other payment options.
