Paytm Payments Bank, Wallet Woes Explained: What are the Options Before the Company? - News18
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PayTM founder, Vijay Shekhar Sharma, has requested the extension of February 29 deadline, along with a transition plan, in the ongoing efforts to meet the requirements set by the RBI. (File Photo) It can continue to be the UPI third-party application just like Google Pay and Amazon Pay, but this will depend on the National Payments Corporation of India; If PPBL loses its licence, it will need another sponsor bank, which will be held responsible for Paytm’s actions
The Reserve Bank of India (RBI) had last month restricted Paytm Payments Bank Limited (PPBL) operations, citing “persistent non-compliances and continued material supervisory concerns in the bank” in the audit report. The RBI also asked the PPBL to stop accepting new customers, and deposits, credit transactions, or top ups in customer accounts, wallets, FASTags. Paytm stocks have plunged more than 40% in three trading sessions since the RBI’s announcement. During the press conference on Thursday, the RBI reitera