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.
Bank Holidays: While physical branches may be closed, online banking services remain operational throughout the holidays. It's essential for individuals to plan their visits and transactions accordingly.
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.
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.
SBI introduced a green deposit scheme last month, a significant initiative in the domestic banking sector.
The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank. Transactions done at other business outlets which may not be authorised to accept commercial card payments have been asked to be temporarily halted.
Reserve Bank of India (RBI) is reportedly aiming to enhance digital payment security by replacing SMS-based OTPs with more secure authentication methods, such as authentication apps or biometric sensors on smartphones.
Paytm President and Chief Operating Officer Bhavesh Gupta indicated a temporary halt in issuing new loans to address operational challenges stemming from RBI restrictions on Paytm Payments Bank.
On the BSE, the stock fell by 7.50 per cent to reach Rs 390.90 per share, while on the NSE, it declined by 7.28 per cent to Rs 391.45 per share.
Reserve Bank of India Governor Shaktikanta Das said there was "hardly any room" to review the action taken against Paytm Payments Bank.
In November 2020, PPSL had applied for a licence with the Reserve Bank of India (RBI) to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways.
NaBFID Chairman K V Kamath said what he had predicted 20 years ago has come true that banks will look like technology companies offering banking services. He further said that there is need for banks to be resilient, adopt cloud-based solutions.
This comes after the RBI on January 31 directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
This comes amid the RBI's order, which directed the bank to cease accepting deposits or top-ups in various customer accounts and instruments after February 29.
The RBI on January 31 directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
RBI has put curbs on Paytm Payments Bank for accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more from February 29 onwards.
The RBI announced its decision to keep the repo rate unchanged for the sixth consecutive time at 6.50 per cent.
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