Paytm Receives RBI Nod to Revive Wallet Business
· Business · Indian Express, Bloomberg, Business Standard
The Reserve Bank of India (RBI) has granted preliminary authorization to Paytm to operate a payment system for issuing prepaid payment instruments, including digital wallets. This move comes six months after the regulator revoked the firm's banking license. Following the announcement on Friday, Paytm's shares surged to a record high of Rs 1,960. The company is now positioned to resume wallet services, marking a significant recovery in its regulatory standing. Further details regarding the full operational timeline remain limited as this is a developing situation.
Why it matters
The return of wallet services allows Paytm to regain a critical revenue stream and restore its position in the Indian digital payments market, directly impacting its millions of users.
Read the original report — Indian Express
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