In August, RBI allowed 11 business houses to start a payments bank.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
Consumers will thank the Modi government for this simple yet revolutionary move, which is long overdue, says Debashis Basu.
The regulator's concern arises from several recent instances.
The intial round of efforts did not achieve the objectives fully.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
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