Paytm Payments Bank Approaches RBI For In-Principle Approval To Become Small Finance Bank

Paytm Payments Bank has reportedly approached the Reserve Bank of India (RBI), seeking in-principle approval for becoming a small finance bank (SFB), which will enable it to extend loans.The approval from RBI would allow Paytm to lay the groundwork for the scheme, so that it would not have to wait longer after it completes the mandatory five-year waiting period in a couple of years.

“One of the conditions for granting licence as a payments bank was that we have five years experience in the payments space. I have written to the RBI asking for an in-principle approval so that we will be prepared to apply for the final license when we are eligible,” Paytm Payments Bank CEO Satish Kumar Gupta told. 

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