Fintech platform Paytm announced that Paytm General Insurance Ltd. (PGIL), one of its associate entities, is abandoning its application for a general insurance license and redoubling its efforts to offer insurance through its fully owned subsidiary Paytm Insurance Broking Private Ltd. (PIBL). According to Paytm, OCL (One97 Communications Ltd.) can save Rs 950 crore in funds set aside for an investment in PGIL by withdrawing the application.