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

[anmolbhard004]

@Sushubh fresh qr is required no swapping or transfer its clear now

 

[Sushubh]

I mean it only works if some other bank does settlement. If Paytm is going to just put each transaction into account... Shopkeepers are not going to be happy. But yes... This is good. Shopkeepers only need to change settlement bank account without requiring any change from Paytm.

 

[Sushubh]

ED finds no FEMA violation in Paytm Payments Bank case

Paytm Payments Bank case: The Enforcement Directorate has not found any violation under the Foreign Exchange Management Act during the inquiry of Paytm Payments Bank Limited transactions

www.thehindu.com

 

[Sushubh]

Paytm to partner with Axis Bank for settlement of merchant payments

Paytm QR, Soundbox, and Card Machine, will continue to operate seamlessly for all their merchant partners, said One 97 Communications.

www.moneycontrol.com

 

[Navjot Singh]

Source

RBI took its own sweet time to come out with the FAQ.

 

[Lolita_Magnum]

All this seems like rushed botched-up job. I wonder, who really is pulling all the strings.

 

---

[Sushubh]

Source

Asking the real question.

Qr code would work with settlement coz of axis bank deal. Paytm couldn't settle anymore themselves. Money would go to axis so qr codes would work otherwise they would have to transfer each transaction directly to business partners bank.

Only thing unclear originally was whether Paytm vpa codes would work and does rbi allow mapping to another bank. Google vpa codes are bank based coz they didn't take a mid level banking license like Amazon which has their own vpa @apl.

 

[Sushubh]

RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: Rajeev Chandrasekhar

The Union minister stressed that regulatory compliance cannot be 'optional' for companies, rather it is an aspect every entrepreneur must pay full attention to

www.telegraphindia.com

Close friends get regulations changed as per their requirements. Paytm failed to reach that level.

 

[itzmynet]

Paytm, Axis Bank to submit TPAP application for UPI business with NPCI this week

Paytm is also in discussions with several other banks, including Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank; however, none of the discussions have concluded yet.

www.moneycontrol.com

 

[itzmynet]

Paytm app: RBI asks NPCI to look into One97 Communication's plea to become TPAP for UPI usage

Paytm is presently not classified as a TPAP due to UPI transactions being routed through Paytm Payments Bank.

www.businesstoday.in

It may be stipulated that ‘@paytm’ handles are to be migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption. No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle.

For seamless migration of ‘@paytm’ handle to other banks, NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions.

Paytm UPI services: HDFC, Yes Bank submit TPAP application to replace Paytm Payments Bank

Earlier in the day, the Reserve Bank of India directed NPCI to look into the request submitted by One97 Communication Ltd (OCL) to function as a third-party application provider for UPI services.

www.businesstoday.in