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

[thejuliet]

They do have a history of non compliance.

Source: All you need to know about RBI's restrictions on Paytm Payments Bank

 

[akshay71]

Since Nov 2022 Paytm are not supposed to onboard new merchants yet they issued new Soundboxes and QR codes to new merchants.

Just Wow !!

 

[manu1991]

The ken have done a very good article on it highlighting all the issues:

Why RBl killed Paytm Payments Bank

Paytm* Payments Bank, as we know it, is set to die. Yesterday, the Reserve Bank of India ordered the six-year-old payments bank to halt its business. The banking regulator was done offering more chances to Paytm Payments Bank; it had crossed the line drawn by the RBI at least times since it...

the-ken.com

 

[Smh]

I hope Paytm UPI handle will continue to work I am expecting 11k refund.

 

[manu1991]

Got this email:

Dear Customer,

The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after February 29, 2024.

Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account/Wallet after Feb 29, 2024. However, there is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024.

The directive does not impact your existing balances and your money is safe with the Bank.

For any further assistance, please reach out to us via 24x7 Help section on the App - paytmbank.com/contact

Thanks and Regards

 

[Sushubh]

Big boss has spoken.

Ashneer Grover Calls Out 'Doglapan' After RBI Imposes Fresh Curbs On Paytm Payments Bank, Says Such Moves Will Kill FinTechs

In a post written on X (formerly Twitter), Ashneer Grover said the RBI does not want FinTech companies to grow. His reaction came after the RBI imposed a set of restrictions on Paytm Payments Bank starting February 29.

www.freepressjournal.in

Indian techbros live in their own fantasy world.

 

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[SVK]

Maybe after Grover joins BJP all things would be sorted out

 

[Navjot Singh]

India Regulator Is Said to Consider Canceling Paytm Bank Permit - BNN Bloomberg

India’s banking regulator is considering scrapping the license of Paytm Payments Bank Ltd. as early as next month, people with knowledge of the matter said, potentially dealing another blow to the troubled local fintech giant Paytm’s growth ambitions.

www.bnnbloomberg.ca

Chalo I guess it's time to say goodbye to Paytm for good in 2024.

 

[Sushubh]

How would I pay my water bill now

 

[Hitori_Abhito7]

@Sushubh Groww