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Great decision by Paytm, now it will focus on this business

Sagar Patel

By Sagar Patel

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Paytm is reorganizing its business

Paytm, the company that is bringing digital payments to every corner of the country, is currently focused on consolidating its business. So you can write a new growth story. Therefore, now the company has taken a big decision, which is related to its general insurance business.

Paytm had planned to launch ‘Paytm General Insurance’ to strengthen its position in the general insurance market. But now the company has decided to withdraw from the registration of this company. Insurance regulator ‘IRDA’ also accepted their request.

It will not sell its own insurance products.

One97 Communications, the company that owns the Paytm brand, had requested IRDAI to cancel the registration of Paytm General Insurance. The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval in this regard. After this, Paytm will no longer have its own general insurance company. It will also not manufacture or sell its own insurance products.

It will focus on distribution.

Paytm also made it clear that it will now sell insurance products from other insurance companies on its platform. This includes health, life, motor vehicle, business and gadget insurance. For this, Paytm will function completely as a brokerage agent.

The company has also registered a wholly owned subsidiary ‘Paytm Insurance Broking Private Limited’. Paytm will try to offer new and smaller types of insurance on its platform.

The Reserve Bank of India (RBI) had suspended the services of Paytm’s Paytm Payments Bank some time ago. Since then, Paytm is continuously trying to reorganize and consolidate its business.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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