Paytm's troubles with the authorities started much before India's central bank announced strictures on its subsidiary, Paytm Payments Bank, on 31 January.
Early last year, concerned over Chinese investments in One97 Communications Ltd, the listed entity of the Paytm group, the Centre had rejected a proposal by the company for a postfacto approval of investments made in another subsidiary, Paytm Payments Services Ltd (PPSL). PPSL offers digital payments solutions and financial tools for businesses.
The external affairs ministry had recommended against the approval from a "political angle", mentioned in an internal government note that Mint has seen. The "post-facto" FDI (foreign direct investment) proposal was for One97 Communications to invest in its subsidiary Paytm Payments Services, showed the note.
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