Paytm received a preliminary nod from the Reserve Bank of India (RBI) for its issue prepaid payment products, including digital wallets. The approval comes as a major boost for the Indian fintech giant, as the company will be able to offer wallet services to customers after receiving the RBI's final authorisation. One97 Communications, the parent company of Paytm, said in an exchange filing.
The Paytm shares rose to a record high of 1,960 rupees per share post the development.