Indian financial technology company Paytm Payments Services has received an extension from the country’s banking regulator to apply for a payment aggregator licence. The company aims to reapply in about 15 days, Paytm has said on Sunday. 

Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company has added in a notification to stock exchanges on Sunday. 

Paytm Payments Services is a wholly owned subsidiary of One97 Communications. 

Payment aggregators, platforms that bring together various online payment options, must be licensed by India’s central bank and banking regulator, the Reserve Bank of India (RBI). 

In November, India’s banking regulator had declined a payment aggregator licence for the One97 Communications unit that owns the popular Paytm brand. 

The company had said that the latest move has no material impact on its business and revenue and for the offline part of the business. The company can continue to take on new merchants and offer them payment services.