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Fintech major Paytm has moved one step closer to getting the government's approval for its INR 50 Cr investment in Paytm Payment Services, with a government panel clearing the proposed investment

The approval is yet to be vetted by finance minister Nirmala Sitharaman. Once the FM greenlights the investment, Paytm will be able to apply for an online payment aggregator (PA) licence from the Reserve Bank of India.

The government panel, which has representatives from the ministries of home, finance and industries, clears investment proposals pertaining to neighbouring countries. The panel also seeks inputs from the foreign ministry.

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