India's Paytm gets preliminary RBI nod for wallet licence; shares hit record high

India’s Paytm received preliminary Reserve Bank of India clearance on Friday for its payments services arm to issue prepaid products, including digital wallets, Business Recorder reported. Paytm Payments Services can begin offering these products only after the RBI grants final authorisation, leaving the current approval short of a full operating licence.

The move follows the winding up of Paytm Payments Bank and would let the company operate its wallet activity separately from that bank. Nuvama Institutional Equities’ Anand Dama said the clearance could support opportunities such as prepaid cards, but any revenue contribution would likely emerge in financial year 2028 because further approval is still required. Paytm shares climbed as much as 1.8% to 1,960 rupees and finished Friday 0.8% higher, reaching a record during the session.