RBI implement restrictions on Paytm Payments Bank for non compliance of regulations

[Navjot Singh]

Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949


Source

 

[Smh]

So Paytm can only be used for UPI now?

I thought payments Bank is a different entity from Paytm.

 

[Sushubh]

Nice problem for their fastag owners.

 

[Notorious]

^^ And shareholders.

 

[Sushubh]

Month is long enough though to buy some electoral bonds and sort out the problem with RBI. Though I am not sure if the electoral bonds sales window is open right now so they might need to get creative.

 

[itzmynet]

UPI will also be stopped according to some media outlets

 

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[Sushubh]

I mean it's a crippling order so yeah it's not like Paytm would be sitting idle for the next month.

 

[igloo]

Jio payment bank growth is not as per anticipation. Hmmm

 

[greghouse]

oh gosh what the heck even happened, why is Paytm facing so much crap from the RBI they did nothing wrong, first no new customers and now this? damn, their bank was the one with 99% success rate and paytm introduces so many features all the time...

 

[Sushubh]

Yeah I need to switch to another app for UPI Lite. Paytm has been working great. Google Pay is a shithole but I guess simpler to use than PhonePe for UPI Lite