New Delhi, April 29 -- Over the course of just three days last week, India witnessed three important developments in the banking space, all of which have a significant bearing on the larger issue of financial stability.

On 23 April, reports appeared that the Reserve Bank of India (RBI) had granted a non-bank called PayPoint approval to access its Centralised Payment System (CPS).

The same day, finance minister Nirmala Sitharaman was reported to have met bank chiefs to discuss AI-related risks in the context of global concerns over Anthropic's Mythos model, which is seen as a threat to the data security of financial systems.

And then on 24 April, RBI issued an order to cancel the banking licence of Paytm Payments Bank, which must start ...