Paytm wallet business at risk as licence transfer uncertain: Report

Paytm Payments Bank's popular wallet business will not be able to operate after a Feb.
 

29 deadline imposed by the Reserve Bank of India to wind down key businesses as the wallets cannot be transferred to One 97 Communications without the central bank's approval, said two sources familiar with the matter.
 

Paytm Payments Bank holds the licence for the wallet business and houses all of Paytm's 330 million wallet accounts, the sources said.
 

For the licence to be transferred back to One 97 Communications, the RBI would have to give fresh approval, which appears difficult under the current circumstances, one of the sources said.
 

 

Paytm and RBI did not immediately respond to an email.