In a move that has sent ripples through India’s digital finance sector, the Reserve Bank of India (RBI) has granted Paytm Payments Bank Ltd (PPBL) a 15-day reprieve, pushing the deadline to halt certain banking operations to March 15, 2024. Despite this extension, the future of PPBL’s wallet and FASTag services remains shrouded in uncertainty, as the bank’s partnership with Axis Bank for nodal account operations emerges as a lifeline amidst regulatory pressures. A Critical Extension Amidst Regulatory Scrutiny The central bank’s directive, citing “persistent non-compliance and supervisory concerns,” initially set a deadline…
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RBI Grants Paytm Payments Bank Ltd a 15-Day Reprieve Amid Regulatory Scrutiny
