🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
India cenbank extends deadline for Paytm unit wind-down to March 15
Reuters
·
1y ago
Medial
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.
View Source
Related News
NPCI to approve Paytm request for third-party application license this week
Economic Times
·
1y ago
Medial
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.
View Source
With Paytm Bank set to wind down, uncertainty clouds One97’s future
Thehindubusinessline
·
1y ago
Medial
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.
View Source
RBI extends Paytm Payments Bank transaction curb deadline to 15 March
Livemint
·
1y ago
Medial
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.
View Source
Paytm Payments Bank to cut about 20% of staff as business halt looms
Economic Times
·
1y ago
Medial
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.
View Source
Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline
Inc42
·
1y ago
Medial
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.
View Source
Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts
Inc42
·
1y ago
Medial
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.
View Source
NHAI urges Paytm FASTag users to switch to other bank FASTag
IndianStartupNews
·
1y ago
Medial
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.
View Source
Enforcement Directorate seeks overseas transaction details from Paytm Payments Bank
VCCircle
·
1y ago
Medial
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.
View Source
Paytm Payments Bank CEO Surinder Chawla resigns
VCCircle
·
1y ago
Medial
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.
View Source
RBI Directs NPCI To Examine Paytm’s Request For Becoming A Third-Party App Provider For UPI
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has advised the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider for UPI payments. The RBI directive aims to ensure seamless digital payments and minimize concentration risk in the UPI system. This comes as the deadline approaches for Paytm Payments Bank to implement business restrictions imposed by the RBI, with a deadline set for March 15. NPCI will now evaluate Paytm's request for a TPAP license and make a decision accordingly.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in
/cloudfront-us-east-2.images.arcpublishing.com/reuters/NUIDWWBA3VMRVNYGXPYVKYJPSM.jpg)
/indianstartupnews/media/agency_attachments/s1FnhAYONODoxNkoC8xA.png)
