The National Highways Authority of India (NHAI) has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15.
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.
Major payment applications in India have introduced a new feature that allows users to check their credit scores for free. This is great news for credit card holders and borrowers. Here's how to check your credit score for free.
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).
The month of March will bring about various key financial changes, impacting the lives of the people. From Paytm Payments Bank to FASTag deactivation, there are several services which will undergo changes in March 2024.
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.
On January 31, the RBI asked PPBL (Paytm Payments Bank Ltd) to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15.
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.
Google Pay is introducing its SoundPod device to assist small merchants across India, following positive feedback from a limited pilot program.
Here is everything you need to know about the Paytm Payment Bank and restrictions with UPI, Fastag, Wallet and more after March 15.
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 move came as the Reserve Bank of India (RBI) instructed the termination of the nodal accounts of One 97 Communications Limited (OCL) and Paytm Payment Services Ltd (PPSL), which were maintained by PPBL.
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.
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