Paytm Payments Bank Limited is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more from February 29 onwards.
Paytm faces a directive from the RBI to stop major payment services, causing concerns for FASTag users; while services continue normally until February 29, Paytm is working on solutions for a seamless customer experience. Here are the details.
Paytm Payments Bank is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more after February 29, 2024.
The RBI said that customers are permitted to withdraw or utilise balances from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards.
One 97 Communications' consolidated revenue for the quarter rose by 38 per cent, reaching Rs 2,851 crore compared to Rs 2,062 crore in the same period a year earlier.
"Ever since then, small boards with Quick Response (QR) codes have been put up outside these temples by Paytm. Rs 67 lakh have been received by the BKTC through these QR codes by way of donations," the temple authority said.
Paytm continues to strengthen its leadership in offline payments with more than 5.5 million merchants now paying subscriptions for payment devices. Paytm Soundbox is the sound of merchant transactions in India, with a new merchant and their customers being greeted by its melody every six seconds.
Paytm: According to the report, the data compromised included phone numbers, email addresses, dates of birth, genders, geographic locations, income levels, names and purchases of the nearly 3.4 million users.
There is a process to add money to the Paytm Wallet, and users will get multiple options like UPI, internet banking, credit or debit card and more, to choose from. UPI is considered to be the most secure way for adding money instantly and the process
In an official release, the RBI also directed ordered that the bank has to appoint an audit firm to conduct a comprehensive System Audit of its IT system.
According to the documents, Paytm's merchant base grew to 2.11 crore as of March 31, 2021, from 1.12 crore in March 2019.
RBI said the company had reported instances of breach of the ceiling of 30 remittances per beneficiary during 2019 and 2020 and filed an application for compounding of the violation.
PayTM Payments Bank is now allowing customers to open Fixed Deposit accounts. One can get an FD in Paytm Payments Bank with an investment of as little as Rs 100.
Paytm Payments Bank on Tuesday said it has won 82 per cent of dispute cases on behalf of FASTag users with toll plazas in 2020 and facilitated refund of wrongly deducted toll charges to 2.6 lakh customers.
The company said that it received an overwhelming response for F&O trading on its platform with over 1 lakh requests for its Early Access Program. Trading is now live on the Paytm Money app and website for all.
Paytm on Tuesday announced the same-day settlement facility for all kinds of fund transfers on its payment gateway that will help businesses that depend upon immediate availability of funds to pay down-stream partners.
Paytm Payments Bank Ltd (PPBL) has enabled banking services via Aadhaar cards for its customers. Integrating the Aadhaar enabled Payment System (AePS), PPBL's customers will now be able to access to basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through the business correspondent of any banking and financial institution in the country.
Soon, features like cash deposit, interbank fund transfer, etc. will also be made live, the company said, adding that this will benefit people in rural and semi-urban areas who have limited access to the physical bank branch and ATM.
Paytm has grabbed 50 per cent share in the payments to merchants (P2M) segment in India and the financial services platform has emerged as the most integrated payments provider in the fintech space, a new report said on Monday.
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