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Nearly 85% Paytm App Users Won’t Be Impacted By Curbs On PPBL: RBI Guv

Inc42 · 1y ago

Nearly 85% Paytm App Users Won’t Be Impacted By Curbs On PPBL: RBI Guv

The Reserve Bank of India (RBI) governor, Shaktikanta Das, has stated that the recent restrictions imposed on Paytm Payments Bank Ltd (PPBL) will not affect around 80-85% of Paytm's app users. He explained that most Paytm users have their transactions linked with other banks, so they will not be impacted by the regulatory action. The challenge lies in migrating the remaining 10-15% of PPBL users to other banks before the March 15 deadline. Das also emphasized that the RBI's action is against a regulated entity and not against the fintech ecosystem as a whole.

Related News

85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

Economic Times

Economic Times · 1y ago

85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.

Paytm reassures services remain unaffected after RBI Guv remarks

Economic Times

Economic Times · 1y ago

Paytm reassures services remain unaffected after RBI Guv remarks

Paytm has reassured its users and merchants that its services continue to be operational and unaffected, following comments by RBI governor Shaktikanta Das. The company stated that it is accelerating partnerships with banks and that Paytm QR, Soundbox, and card machines will work as usual. The RBI deputy governor clarified that the action taken against Paytm is regulatory in nature and was initiated after persistent non-compliance.

Paytm Payments Bank to close from March 15. Here's all that you need to know

Livemint

Livemint · 1y ago

Paytm Payments Bank to close from March 15. Here's all that you need to know

Paytm Payments Bank (PPBL) will be shutting down services such as deposits, credit transactions, and FASTag recharges from March 15, following directives from the Reserve Bank of India (RBI). PPBL was found to be non-compliant with know-your-customer (KYC) requirements and other RBI procedures. Customers will no longer be able to deposit money, use UPI and IMPS functions, or recharge their FASTags through PPBL. However, they can continue to withdraw and transfer money, use existing funds in their wallets, and accept payments from Paytm QR codes or PoS terminals if linked to a different bank account. The National Highways Authority of India (NHAI) advised PPBL FASTag users to procure a new one from another bank. The BSE has also suggested investors register accounts with alternative banks instead of PPBL to avoid disruptions in securities market transactions.

PPBL Tops Chart On Highest Complaints Per Branch In FY22-23

Inc42 · 1y ago

PPBL Tops Chart On Highest Complaints Per Branch In FY22-23

Paytm Payments Bank Ltd (PPBL) received the highest number of complaints per branch among payments banks, according to the Reserve Bank of India's annual report. PPBL recorded an average of 501.86 complaints per branch, with a total of 3,513 complaints between April 2022 and March 2023. This figure surpassed the number of complaints received by other payments banks such as NSDL Payments Bank and Airtel Payments Bank. The complaints primarily focused on mobile/electronic banking and non-adherence to fair practices code. The restrictions imposed by the RBI on PPBL are expected to impact only a small percentage of Paytm app users.

Paytm Gets Merchants' Backing; Assures Service Continuity Without Disruption

OutlookIndia

OutlookIndia · 1y ago

Paytm Gets Merchants' Backing; Assures Service Continuity Without Disruption

One97 Communications, the fintech firm that owns the Paytm brand, has received support from merchants and assured them of uninterrupted services in a blog post. This comes after the recent crisis faced by Paytm Payments Bank Limited (PPBL), which has been barred by the RBI from accepting deposits or top-ups after February 29. Paytm assured its users and merchant partners that the app and services are operating fully, and any back-end banking services can be seamlessly transitioned to other partner banks if needed. Leading industry players have expressed satisfaction with their association with Paytm.

Bernstein rates Paytm ‘outperform’ with a target price of ₹600/share

Livemint

Livemint · 1y ago

Bernstein rates Paytm ‘outperform’ with a target price of ₹600/share

Brokerage firm Bernstein has given an 'Outperform' rating to Paytm, with a target share price of ₹600. The assessment suggests that the regulatory measures taken by the Reserve Bank of India (RBI) primarily target Paytm Payments Bank (PPBL) and not other key functions of Paytm. The decision to allow merchants to link their operations to non-PPBL banks is seen as a positive move, while the lack of action regarding bulk transfers could pose challenges for Paytm. The RBI has extended the deadline for stopping deposit transactions at PPBL until March 15.

Paytm issues FAQs: What works after March 15? Here's what users must know

Livemint

Livemint · 1y ago

Paytm issues FAQs: What works after March 15? Here's what users must know

Indian fintech Paytm has released a list of frequently asked questions (FAQs) for its users following the closure of its Paytm Payments Bank (PPBL) arm. Despite the discontinuation of certain services, including PPBL, the Paytm app will remain fully operational. Users can still make transactions using Paytm QR codes, Soundbox, and card machines. Other services, such as ticket bookings, mobile recharge, utility bill payments, and access to discounts and offers, will also continue without disruption. Additionally, investment and insurance services offered by Paytm Money are unaffected.

No Respite For Paytm: RBI Likely To Suspend Banking Licence Of PPBL

Inc42 · 1y ago

No Respite For Paytm: RBI Likely To Suspend Banking Licence Of PPBL

The Reserve Bank of India (RBI) may revoke the banking license of Paytm Payments Bank Limited (PPBL) due to persistent non-compliance and material supervisory concerns. This comes after the RBI's deadline for PPBL to stop onboarding new customers. If the license is revoked, an administrator may be appointed to oversee critical aspects of the bank. PPBL has also faced government scrutiny and monetary penalties for violations. Paytm founder Vijay Shekhar Sharma has resigned from his role in the bank.

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

Inshorts · 1y ago

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

One97 Communications, the parent company of Paytm, on Monday announced that Vijay Shekhar Sharma has stepped down as the non-executive chairman and board member of Paytm Payments Bank (PPBL). It further said that PPBL has reconstituted its board with only independent and executive directors. Recently, the RBI imposed curbs on PPBL, which will come into effect after March 15.

'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das

OutlookIndia

OutlookIndia · 1y ago

'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das

The Reserve Bank of India (RBI) Governor, Shaktikant Das, has stated that there is "hardly any room" for reviewing the action taken against Paytm Payments Bank (PPBL). Das emphasized that the RBI takes decisions after careful consideration and analysis. The RBI recently directed PPBL to stop onboarding new customers and accepting payments in customers' wallets, FASTags, and credit offerings. The central bank has also prohibited PPBL from taking deposits or credit transactions after February 29. PPBL faces strict action due to non-compliance and ongoing supervisory concerns.

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