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Paytm Can Withdraw Application for General Insurance Licence: Irda

Fintech firm One97 Communications, owner of the Paytm brand, will now focus on the distribution of insurance products of other insurers after the Insurance Regulatory and Development Authority of India accepted Paytm General Insurance’s registration withdrawal application.

Paytm General Insurance had approached the regulator for the withdrawal of its application for registration as a “General Insurance Company” for being a manufacturer of gene- ral insurance products.

Paytm said that it aims to innovate on small ticket Insurance products for consumers and merchants alike by focusing on small-ticket general insurance offerings along with our partners and leveraging the strength of Paytm’s distribution to increase insurance penetration to a wider audience.

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