India’s Paytm meets with central bank following suspension of deposits: report

Paytm is reportedly seeking to extend the RBI’s 29 February deadline, a source said.

Paytm chief executive Vijay Shekhar Sharma met with the India central bank on 5 February to address regulatory concerns, reports Reuters, based on two sources with “direct knowledge of the talks.”

This comes days after the Reserve Bank of India (RBI) ordered the Paytm Payments Bank to stop accepting new deposits in its accounts and its popular digital wallets beginning March, citing supervisory concerns and non-compliance of rules.

ALSO READ: India’s commercial banks reports 17% higher net interest incomes

A source said that Paytm is seeking to extend the RBI’s 29 February deadline.

Paytm is reportedly also seeking clarity from the RBI regarding transfer of license for the wallets business and digital highway toll payment service Fastag, the source said.

"The RBI heard Paytm out without making any commitments," a second source said.

Here’s more from Reuters.