The Reserve Bank of India has barred Paytm from continuing all its banking services via Paytm Payments Bank after February 29. It's been operational since 2017 and its services include current and savings accounts, fixed deposits with partner banks, and balance in wallets, UPI, and FASTag, among other services.

The RBI has basically said it cannot take any more deposits or conduct credit transactions. This also means no top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls. And this means, Paytm has three challenges it needs to win…and all of it by the end of this month. First, it needs to figure out a nodal banking partner where it will hold fund on behalf of its customers. Then, it needs to untangle its business from Paytm Payments Bank. And finally, it needs to do all of this without losing its existing customers.

Each of these is more important than the other.

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