In early 2018, when Paytm received the Payments Bank license — which allows the holder to offer customers a savings account of up to $2,400 — it had to surrender its PPI license, the permit required to operate the wallet business. Paytm Payments Bank houses more than 330 million wallet customers and Paytm cannot transition them to a different banking partner until the central bank returns the firm its PPI license. And it's unclear if the central bank — which has been uncharacteristically strong-worded in its penalty order on Paytm — will make any concessions by the deadline (February 29).