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India cenbank extends deadline for Paytm unit wind-down to March 15

Reuters · 1y ago

India cenbank extends deadline for Paytm unit wind-down to March 15

India's central bank, the Reserve Bank of India (RBI), has extended the deadline for winding down operations of Paytm Payments Bank by 15 days to March 15. The RBI had previously ordered Paytm to cease accepting fresh deposits in its account and wallet from February 29 due to supervisory concerns. The extension aims to provide customers, including merchants, with more time to make alternative arrangements. After March 15, no further deposits or credit transactions will be allowed in customer accounts or wallets. The RBI has also issued a detailed FAQ on the impact of its order on Paytm Payments Bank.

Related News

NPCI to approve Paytm request for third-party application license this week

Economic Times

Economic Times · 1y ago

NPCI to approve Paytm request for third-party application license this week

The National Payments Corp of India (NPCI) is expected to grant Paytm a third-party application provider license by March 15, allowing customers to continue using the app for payments after the banking unit shuts down. The central bank is unlikely to extend the deadline for Paytm Payments Bank to wind down its operations. The license will enable Paytm to continue offering payments via India's unified payment interface.

With Paytm Bank set to wind down, uncertainty clouds One97’s future

Thehindubusinessline

Thehindubusinessline · 1y ago

With Paytm Bank set to wind down, uncertainty clouds One97’s future

Paytm Payments Bank (PPBL) faces a deadline of March 15 to wind down its operations, which could have significant implications for parent company One97 Communications (OCL). PPBL is the only profitable entity within OCL's associates and JVs and plays a critical role in the company's overall payments business. However, OCL insists that it will be business as usual after March 15. Paytm has obtained a third-party application provider (TPAP) license from NPCI to continue its UPI-based operations, but the potential shutdown of PPBL may still impact OCL's business and financials.

RBI extends Paytm Payments Bank transaction curb deadline to 15 March

Livemint

Livemint · 1y ago

RBI extends Paytm Payments Bank transaction curb deadline to 15 March

The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank to stop deposit transactions by 15 days, giving customers until March 15 to deposit money into their accounts. The extension is aimed at accommodating the needs of consumers and merchants who may require more time to make alternative arrangements. The RBI had earlier directed Paytm Payments Bank to cease accepting deposits after February 29 due to non-compliance with regulations and supervisory concerns.

Paytm Payments Bank to cut about 20% of staff as business halt looms

Economic Times

Economic Times · 1y ago

Paytm Payments Bank to cut about 20% of staff as business halt looms

Paytm, the Indian digital payments firm, is planning to lay off nearly 20% of its staff at its banking unit as the future of the unit remains uncertain due to a central bank deadline to halt most operations. Paytm Payments Bank, in which Paytm holds a 49% stake, was ordered by the Reserve Bank of India (RBI) to stop accepting credit transactions or deposits by March 15 following compliance breaches. Paytm's shares have plummeted since the regulatory clampdown and employees are frustrated as management had previously guaranteed no layoffs. It is unclear what purpose the banking staff will serve after the halt.

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Inc42 · 1y ago

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Fintech major Paytm has shifted the nodal account of Paytm Payments Bank to Axis Bank, ensuring seamless merchant settlements. The move comes after the Reserve Bank of India (RBI) refused to extend the deadline for termination of the nodal accounts of Paytm Payments Bank. RBI extended the deadline for business restrictions to March 15 from February 29. Paytm's shares saw a massive selloff after the directive, but closed 5% higher at INR 341.50 on Friday.

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Inc42 · 1y ago

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Yes Bank is open to acquiring Paytm Payments Bank's merchant accounts, according to Yes Bank MD and CEO Prashant Kumar. However, this would require Yes Bank to complete Know Your Customer (KYC) verification and due diligence. Yes Bank sees this opportunity as a chance for cross-selling and long-term benefits. The Reserve Bank of India (RBI) had recently cracked down on Paytm Payments Bank but said that Paytm QR codes and card machines could still be operational after the March 15 deadline if the merchants migrate to other banks.

NHAI urges Paytm FASTag users to switch to other bank FASTag

IndianStartupNews

IndianStartupNews · 1y ago

NHAI urges Paytm FASTag users to switch to other bank FASTag

The National Highways Authority of India (NHAI) has advised Paytm FASTag users to switch to another bank's FASTag before March 15 to avoid travel disruptions and penalties. The move comes after the Reserve Bank of India imposed restrictions on Paytm Payments Bank, affecting the ability to recharge accounts after the deadline. The NHAI has updated its list of authorized FASTag providers to offer users a range of options. Users can utilize their existing Paytm FASTag balance for toll payments beyond March 15 but may face difficulties in recharging their accounts. Resources are provided to help users transition smoothly.

Enforcement Directorate seeks overseas transaction details from Paytm Payments Bank

VCCircle

VCCircle · 1y ago

Enforcement Directorate seeks overseas transaction details from Paytm Payments Bank

The Enforcement Directorate in India is requesting overseas transaction details from Paytm Payments Bank, a unit of the payment operator One 97 Communications. This request comes as a part of a probe into possible violations of foreign exchange rules. Paytm has denied the allegations. The Reserve Bank of India has previously ordered Paytm Payments Bank to wind down a significant portion of its business due to regulatory concerns. Since then, Paytm has experienced a significant drop in market value.

Paytm Payments Bank CEO Surinder Chawla resigns

VCCircle

VCCircle · 1y ago

Paytm Payments Bank CEO Surinder Chawla resigns

Surinder Chawla has resigned from his position as the CEO and Managing Director of Paytm Payments Bank in India, citing personal reasons. His resignation is effective from June 26, and a successor has not yet been announced. This announcement follows Vijay Shekhar Sharma stepping down as non-executive chairman of Paytm Payments Bank. The Reserve Bank of India had previously ordered Paytm Payments Bank to wind down its operations due to compliance issues, but the company was granted a third-party app license to continue facilitating payments after its banking unit ceased operations.

Paytm QR, Soundbox, EDC to work even after March 15, claims Vijay Shekhar Sharma

Livemint

Livemint · 1y ago

Paytm QR, Soundbox, EDC to work even after March 15, claims Vijay Shekhar Sharma

Paytm founder Vijay Shekhar Sharma has clarified that Paytm QR, Soundbox, and EDC will continue to function after March 15, despite the restrictions imposed on Paytm Payments Bank by the RBI. Sharma referred to an RBI document which states that merchants using Paytm QR codes, soundbox, or POS terminals linked to other bank accounts can continue to use them even after the deadline. He urged users not to believe any rumors and to support the digital India initiative.

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