Paytm won't apply for NBFC permit after RBI's banking licence cancellation

Paytm-parent One97 Communications has ruled out plans to apply for a non-banking financial company (NBFC) licence. "We're not super excited about going for an NBFC licence," Paytm President Madhur Deora said on Thursday. RBI last month cancelled the banking licence issued to Paytm Payments Bank for non-compliance, and said that its affairs were conducted in a detrimental manner.