In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.
Kali Digital Eco-Systems, which runs the crypto exchange CoinRecoil, has made the RBI, the finance ministry and the GST Council respondents to the petition.
Vasireddy also said that India needs to come out and strictly enforce data privacy laws to prevent misuse of customer data which should ideally be under the control of the consumers themselves.
The partnership allows merchants to leverage Airpay’s single integration and start accepting ‘Amazon Pay’ instantly without any additional investment at their end.
The Delhi based startup plans to use the fresh funds to expand its product offerings and also ramp up the distribution channels over the next 18 months.
Besides Paytm, other payments banks like Airtel Payments Bank and Jio Payments Bank have also received the licence, as mentioned by RBI.
Operating units are the ones which have been licensed by the central bank for collecting bill payments from customers.
Paytm Money, which will be going live as a separate application on the app store, will start with 12 AMCs and eventually bring in more than 25 after the formal launch.
The company wants to shift gears from being a loan aggregating platform to start lending from its own books after being awarded the lending licence.
The main challenge for the subcommittee, the executive said, would be to resolve operational issues which are currently plaguing the instant fund settlement platform.
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