Paytm to not acquire Raheja QBE; to apply for new general insurance license

Paytm's parent company One97 Communications has said that its proposed acquisition of Raheja QBE General Insurance Company Limited has been called off. It cited the reason, "As the share sale and purchase transaction hasn't...consummated within the time period envisaged by the parties under the...agreement." The company said it intended to apply for a new general insurance license.