Paytm The Reserve Bank of India (RBI) has rejected the application of Paytm Payments Services (PPSL) for licence to operate as a payment aggregator, the company informed the bourses on November 26.
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We are hopeful of receiving the necessary approvals in a timely manner and resubmitting the application,” the company said.
This setback for Paytm comes at a time when the competition is heating up in the payments space with more offline players looking for an online play to offer omnichannel payments services to merchants, and existing players ramping up their offerings.
A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers.

Source - Money Control