Earlier, the Reserve Bank of India (RBI) had issued draft guidelines to further strengthen regulations on payment aggregators. Central banks's guidelines also cover the physical point-of-sale activities of payment aggregators (PAs).
Paytm (PAYT.NS) has said that Surinder Chawla has resigned as the chief executive officer of its banking unit Paytm Payments Bank.
The National Highways Authority of India (NHAI) has advised all Paytm Fastag users to switch to a new issuer authorised by NHAI. Here's how to close your Paytm FASTag in easy steps.
Paytm has secured a third-party application provider license amidst regulatory challenges faced by its banking unit. This license enables Paytm to continue offering seamless transactions through India's unified payment interface (UPI), ensuring uninterrupted services for its users.
In compliance with the guidelines issued by the Reserve Bank of India (RBI) regarding restrictions on Paytm Payments Bank, Paytm FASTag users will not be able to recharge or top-up their balance after March 15th.
FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.
A few days ago, Paytm founder and CEO Vijay Shekhar Sharma stepped down as Non-Executive Chairman and Board Member of Paytm Payments Bank Ltd (PPBL), as the Reserve Bank of India (RBI) ban on the bank's operations inches closer.
Amid regulatory pressure from the Reserve Bank of India (RBI), Paytm's parent company, One 97 Communications, has taken decisive steps to sever inter-company agreements with Paytm Payments Bank Limited (PPBL).
Paytm business news: Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman.
Vijay Shekhar Sharma, CEO of Paytm, resigned as non-executive chairman and board member of Paytm Payments Bank due to regulatory challenges, including RBI's directive to wind down operations by March 15. The RBI's concerns stemmed from compliance issues and perceived proximity to Paytm.
Last month, the RBI barred Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc., other than any interest, cashbacks, or refunds which may be credited anytime.
As per the recently released FAQs by the RBI, users will no longer be able to recharge their FASTags issued by PPBL after March 15.
FASTags issued by Paytm Payments Bank will no longer support top-up or recharge functionalities from March 15 onwards.
The action against Paytm Payments Bank was triggered by what the RBI officials described as persistent non-compliance with regulations. Earlier this week, the ED began looking into details of overseas transactions on the platform.
Paytm news: The Paytm Payments Bank Business Correspondent (Bank Agent) can help you to withdraw money from your bank account upto the balance available in your account.
RBI has asked Paytm Payments Bank to facilitate seamless withdrawal of customer deposits parked with partner banks.
The Indian Highways Management Company has advised highway users to get fastags from a list of 32 authorised banks, which does not include Paytm Payments Bank.
The ED is conducting a preliminary examination of the documents to decide whether to launch a formal investigation under the Foreign Exchange Management Act
The RBI had restricted Paytm Payments Bank from taking deposits, credits, or processing top-up transactions in customer accounts due to persistent non-compliances.
Paytm FASTag has encountered difficulties following recent regulatory constraints from the Reserve Bank of India affecting Paytm services.
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