Watch out for risky links in the banking system—India’s economy depends on its reliability
RBI’s withdrawal of Paytm Payments Bank’s banking licence signalled its commitment to financial stability. However, its nod for a lightly regulated non-bank financial player to access its core payments system raises questions of risk exposure.
On 23 April, reports appeared that the Reserve Bank of India (RBI) had granted a non-bank called PayPoint approval to access its Centralised Payment System (CPS). The same day, finance minister Nir… [+3004 chars]