Paul Merchants Ltd — Important, 22-01-2026: Company Update

Paul Merchants Limited's application for a new Money Transfer Service Scheme (MTSS) license has been rejected by the Reserve Bank of India. This decision prevents the company from launching its planned MTSS services. However, this does not affect Paul Merchants' existing business operations, which are conducted under its primary AD-II License. This essential license was recently renewed and remains valid. The company intends to make a representation to the RBI regarding this outcome.