Paytm seeks shareholders' nod to create firm for payments business

IPO-bound Paytm is seeking approval from its shareholders in an extraordinary general me­eting (EGM) on September 23, to turn its payment aggregator business into a new subsidiary called Paytm Payments Ser­vices Limited.
 
This follows a directive from the Reserve Bank of India (RBI).
 
In a notice to shareholders, Paytm sought approval from them to “consider and ap­prove transfer of payment ag­gregator business to Paytm Pay­ments Services, a who­­lly-owned arm of the company, to comply with the RBI guidelines”.
 
Accordingly in order to me­et the requirements issued by the RBI, Paytm had incorporated on October 10, 2020, a