India’s RBI Is Said to Consider Canceling Paytm Bank Permit
- Reserve Bank of India may act after a Feb. 29 deadline
- Paytm says it’s complied with the regulator’s instructions
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India’s banking regulator is considering scrapping the license of Paytm Payments Bank Ltd. as early as next month, people with knowledge of the matter said, potentially dealing another blow to the troubled local fintech giant Paytm’s growth ambitions.
The Reserve Bank of India wants to safeguard depositors first and could act after a Feb. 29 deadline when Paytm Payments Bank is required to stop customers from replenishing their savings accounts or the popular digital payment wallet, the people said.