I think it's indicative the RBI won't sacrifice regulatory...

I think it's indicative the RBI won't sacrifice regulatory standards. It's not an issue for Findi now but given the long-term plan is to get a transaction banking license it does show the risk and challenges if they go down that path.

Findi's business model is a bit different to other Indian payment businesses, case in point they are going for a WL license when others are handing theirs back. I assume this is because they can get benefit from having a WL ATM at Findipay kiosks/merchants, which others don't have.

So in short, just because PayTM have had troubles complying with conditions under their transaction banking license doesn't mean Findi will as well. But if they go down this path they will need to invest to ensure they have systems in place to meet regulatory requirements, and also have a strong and compelling business case to present to investors at the Findi IPO followed PayTM's troubles and terrible performance since its ill fated IPO.

https://www.financialexpress.com/business/banking-finance-white-label-atms-see-red-in-under-a-decade-3143610/