India, May 29 -- It was an action-packed month for the fintech sector. Lending tech startup Kissht made a bumper listing on the bourses, while InCred Holdings filed its updated DRHP for a Rs.1,250 Cr IPO.

On the regulatory front, the RBI kept its grip firm on the fintech ecosystem, cancelling Paytm Payments Bank's licence and proposing a one-hour cooling-off period for UPI and IMPS transfers above Rs.10,000.

Simultaneously, controversies continued to dog the ecosystem. Bengaluru police reportedly registered FIRs against fintech firms MobiKwik and Lendbox in connection with alleged cheating of investors and misuse of funds via their P2P lending platform, Mobikwik Xtra.

Meanwhile, Rishi Gupta, who is being probed in a GST evasion case, a...