Paytm is the only significant player in payment gateways to encounter a regulator rejection. The regulator has given the go-ahead in principle to incumbents including Razorpay, Pine Labs, Cashfree, and CCAvenues, while BillDesk and PayU are still awaiting a response.
A Paytm spokesperson said, “The RBI has not rejected our application, but has simply asked us to reapply in 120 days.”
