Paytm gets RBI in-principle approval for prepaid wallets
In short
Paytm Payments Services got the RBI’s in-principle approval to issue prepaid payment instruments in India, including wallets. The approval still needs final RBI clearance.
What the reporting says
Paytm Payments Services received RBI in-principle authorisation to issue prepaid payment instruments in India, including wallets, subject to final approval from the central bank. The decision could allow Paytm to expand its payments offerings once the last regulatory step is completed.
Why it matters
Paytm Payments Services received in-principle RBI authorisation to issue prepaid payment instruments, including wallets, in India. The development is relevant to Paytm’s payments business and its ability to issue wallet products.