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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.

Related News

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.

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.

RBI Directs NPCI To Examine Paytm’s Request For Becoming A Third-Party App Provider For UPI

Inc42 · 1y ago

RBI Directs NPCI To Examine Paytm’s Request For Becoming A Third-Party App Provider For UPI

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.

Paytm Advisory Panel In Talks Over Terms Of Reference With Company: Damodaran

OutlookIndia

OutlookIndia · 1y ago

Paytm Advisory Panel In Talks Over Terms Of Reference With Company: Damodaran

An advisory committee has been engaged by Paytm to address regulatory matters and compliance following the Reserve Bank of India's restrictions on its payments bank business. The committee, headed by M Damodaran, former chairman of Sebi, is currently discussing the terms of reference. Paytm had been asked by the RBI to suspend certain transactions in its payment bank business, and the central bank recently extended the deadline for compliance to 15 March. Separately, the RBI has asked the National Payments Corporation of India to explore the option of migrating Paytm Payments Bank customers to other banks.

Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi

Paytm shares have seen a respite from their sharp fall following the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. The extension of the business restrictions deadline to 15 March and the announcement of shifting the nodal account to Axis Bank have provided some optimism to the company's shareholders. Since Friday, Paytm shares have gained 21.5%. This comes after the RBI issued a notification on 31 January barring Paytm Payments Bank from banking services, which caused concerns among investors and brokerages. Despite this, Bernstein maintains an 'outperform' rating and a PT of INR 600 for Paytm.

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.

Paytm Payments Bank releases FAQs on steps to close Paytm FASTag, refund of FASTag balance & more

Economic Times

Economic Times · 1y ago

Paytm Payments Bank releases FAQs on steps to close Paytm FASTag, refund of FASTag balance & more

As per a directive from the Reserve Bank of India (RBI), Paytm Payments Bank FASTag users will not be able to add balance or recharge their accounts after March 15, 2024. However, they can continue using their FASTag to pay tolls and parking fees until the available balance is depleted. Paytm advises users to obtain a new FASTag from another bank before the deadline to avoid any inconvenience. The directive does not affect existing balances, which will remain safe with Paytm Payments Bank. To close the Paytm Payments Bank FASTag, users can follow the steps provided in the Paytm App.

80-85% Paytm wallet users not to face disruption: RBI Governor Shaktikanta Das

Inshorts · 1y ago

80-85% Paytm wallet users not to face disruption: RBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das on Wednesday said that 80-85% Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their wallets to other banks. The deadline for linking the wallet attached with Paytm Payments Bank Ltd with other banks has been fixed for March 15.

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.

SBI partners with Sharma's Paytm for its UPI business: Report

IndianStartupNews

IndianStartupNews · 1y ago

SBI partners with Sharma's Paytm for its UPI business: Report

Paytm Payments Bank Limited (PPBL) has been given a March 15 deadline by the Reserve Bank of India (RBI) to cease operations. In response, Paytm's parent company, One97 Communications, is seeking partnerships with major banks, including State Bank of India (SBI), to continue its Unified Payments Interface (UPI) business. Paytm has shifted its nodal accounts to Axis Bank to settle UPI payments and is awaiting a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) to continue offering UPI services. Despite the challenges, Paytm remains a key player in India's digital payment landscape.

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