New Delhi, Feb. 17 -- The Reserve Bank of India (RBI) has granted Paytm Payments Bank a brief respite, allowing the company to continue its operations until March 15. Previously, the RBI had directed Paytm Payments Bank to cease operations by February 29 due to persistent regulatory non-compliance and an ongoing investigation into money laundering related to overseas transactions on its platform. However, the deadline has now been extended, offering the struggling fintech company additional time to establish new partnerships and address regulatory concerns.

This extension also benefits the bank's customers, who have been advised by the RBI to arrange alternative banking services before March 15. In a statement issued on Friday, the RBI ...