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PML · price
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Paul Merchants Ltd. has received approval from the Reserve Bank of India to operate as an Indian Agent under the Money Transfer Service Scheme (MTSS). This license allows the company to act as a principal agent for Western Union Financial Services Inc and MoneyGram Payment Systems Inc. The approval enables the company to undertake inward cross-border money transfer business in India. This follows the board's earlier decision in November 2024 to re-enter the MTSS business. The license is perpetual and marks a key regulatory milestone for the company's remittance operations.
This is a positive development for shareholders as it opens a new revenue stream in cross-border remittances through globally recognized partners like Western Union and MoneyGram. The stock may see positive sentiment as the company prepares to commence operations in this segment.