Paytm gets tentative approval to revive its digital wallet, which effectively died after India's central bank canceled Paytm Payments Bank's license in April (Sankalp Phartiyal/Bloomberg)
The fintech company has secured tentative regulatory approval allowing it to work toward relaunching its digital wallet. Operations were previously stopped when the Reserve Bank of India revoked Paytm Payments Bank's license in April. This initial clearance serves as an early step toward bringing the service back online. Specific formal procedures and regulatory steps required after this preliminary approval have not yet been disclosed.
Key points
Preliminary clearance allows the company to pursue the restoration of its digital wallet…: Preliminary clearance allows the company to pursue the restoration of its digital wallet product.
The digital wallet had ceased operations entirely following the earlier central bank lice…: The digital wallet had ceased operations entirely following the earlier central bank licensing decision.
Regulators have not yet detailed the subsequent formal steps needed to complete the reviv…: Regulators have not yet detailed the subsequent formal steps needed to complete the revival.
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