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Register alternate bank accounts: BSE to investors on Paytm Bank deadline

Inshorts · 1y ago

Register alternate bank accounts: BSE to investors on Paytm Bank deadline

BSE on Tuesday issued an advisory for investors who have registered only Paytm Payments Bank accounts with their trading members. It has advised such investors to add additional bank accounts with other banks to avoid any impact on their securities market transactions. This comes ahead of the RBI's March 15 deadline to impose restrictions on the payments bank.

Related News

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.

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.

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.

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.

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.

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.

Paytm crisis: PhonePe makes hay, user base climbs 15-20%

Economic Times

Economic Times · 1y ago

Paytm crisis: PhonePe makes hay, user base climbs 15-20%

PhonePe, the Walmart-owned payment platform, has witnessed a 15-20% increase in its user base, benefiting from the ongoing crisis at rival Paytm. Concerned about the fate of Paytm Payment Bank-issued UPI accounts, consumers are flocking to PhonePe. The surge in user numbers is expected to continue as the February 29 deadline approaches for Paytm Payments Bank to halt its services. PhonePe is also seeing faster growth on the merchant side and is preparing its systems to handle the additional capacity.

PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm

Economic Times

Economic Times · 1y ago

PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm

PhonePe CEO Sameer Nigam expects to gain a share of Paytm's user base following regulatory action by the Reserve Bank of India against Paytm Payments Bank. PhonePe saw a 15-20% increase in its user base due to the challenges faced by Paytm. Nigam acknowledged the complexity of the regulatory environment and the importance of regulatory decisions. PhonePe is launching its Indus Appstore on February 21 to challenge Apple and Google's dominance. The deadline to make deposits or recharge accounts with Paytm Payments Bank has been extended to March 15.

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.

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