Indian banks’ rush for clients set for reckoning after Paytm

The Reserve Bank of India is likely to get even tougher before governor Shaktikanta Das steps down this year. — Bloomberg

FOR Indian regulators seeking to crack down on potential fraud in the financial sector, Paytm may just be the beginning.

India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank Group Corp.