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What’s In Store For Paytm Beyond The March 15 Deadline?

Inc42Inc42 · 1y ago
What’s In Store For Paytm Beyond The March 15 Deadline?
Medial

Paytm Payments Bank is facing restrictions imposed by the Reserve Bank of India (RBI) that will come into effect on March 15. Customers will no longer be able to make deposits or transfer funds to their accounts, but they can still withdraw money or transfer funds to other accounts. Subsidies, direct benefit transfers, and auto payments linked to Aadhaar will also be unavailable after the deadline. Paytm wallet holders can withdraw and transfer funds but cannot top up their wallets or receive funds after March 15. Merchants accepting payments using Paytm QR codes or other devices will not be affected. The RBI's restrictions were a result of failure to address internal risk management issues and concerns over due diligence for onboarding politically exposed persons. Paytm has taken steps to comply, including board reconfigurations and discontinuing inter-company agreements with Paytm Payments Bank. Paytm has also been granted a Third Party App Provider license by the National Payments Corporation of India, allowing it to continue operating as a payment system provider through partnerships with other banks. The RBI's restrictions on Paytm Payments Bank have impacted Paytm's stock price, which has halved since the announcement of the restrictions. Paytm estimates that its annual EBITDA will take a hit of INR 300-500 crore ($40-68 million) as a result.

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

LivemintLivemint · 1y ago
Paytm Payments Bank to close from March 15. Here's all that you need to know
Medial

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.

EquiLend hack raised costs as traders flew blind, sources say

ReutersReuters · 1y ago
EquiLend hack raised costs as traders flew blind, sources say
Medial

A recent ransomware attack on EquiLend, a market utility company, caused disruptions in the trading market, temporarily leaving Wall Street unaware of trading risks. EquiLend, which is primarily used for borrowing securities and post-trade services, experienced a blackout of its systems from January 22 to February 5. Without access to EquiLend's electronic trading systems, traders were unable to see who they had struck deals with, raising capital costs for banks and causing market disruptions. The incident highlights the risks of centralized market infrastructure and the need for more robust backup plans. Regulators are expected to scrutinize third-party firms providing critical financial infrastructure.

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