Paytm just got an in-principle go-ahead from the Reserve Bank of India (RBI) to run digital wallets again.
This means PPSL, Paytm's payments arm, can move forward with wallet services if it completes a system audit, including a cybersecurity audit, and submits the report to the RBI within six months.
Actual wallet rollouts will only happen once the RBI gives the final green light.
RBI canceled Paytm Payments Bank license
This new license application comes on the heels of some rocky times: earlier this year, the RBI canceled Paytm's Payments Bank license for not following rules, which led to limits on adding money to wallets.
Now, with this provisional approval, Paytm is hoping to bounce back and restore its wallet offering under PPSL.