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‘Supervisory concerns': RBI bars New India Co-operative Bank from fresh business, customers can’t withdraw deposits
Business Today
·
5m ago
Medial
The Reserve Bank of India (RBI) has imposed restrictions on New India Co-operative Bank due to liquidity issues and supervisory concerns. Effective February 13, 2025, the bank is barred from granting new loans, accepting new deposits, or allowing withdrawals for six months. Eligible depositors can claim up to Rs 5 lakh in deposit insurance. The bank posted losses of Rs 22.78 crore in FY24. Similar restrictions on Kotak Mahindra Bank were previously lifted after compliance.
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RBI bars Paytm from offering banking services effective February 29
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has imposed a major disciplinary action on fintech giant Paytm, prohibiting it from providing any banking services to its customers starting February 29. This includes payment services, deposits, credit transactions, and wallet top-ups. However, customers can still withdraw and utilize funds in their Paytm accounts. The RBI took this action due to significant compliance issues and supervisory concerns found during a system audit and compliance validation process. Paytm had already been instructed to stop onboarding new customers on March 11, 2022.
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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.
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'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das
OutlookIndia
·
1y ago
Medial
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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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.
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RBI bars Kotak Mahindra Bank from onboarding new customers through online, mobile banking; issuing new credit cards
Money Control
·
1y ago
Medial
Kotak Mahindra Bank has been prohibited by the Reserve Bank of India (RBI) from acquiring new customers using online and mobile banking channels and issuing fresh credit cards due to supervisory concerns. The RBI cited significant deficiencies in areas such as IT inventory management, data security, and disaster recovery as the reasons for the action. The bank will still be able to provide services to existing customers, but its failure to address these concerns adequately and in a timely manner has led to the restriction. The RBI found that the bank's IT infrastructure was not robust and suffered frequent outages, causing inconveniences to customers.
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RBI May Consider Cancellation Of Paytm Payments Bank’s Licence By Next Month
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is reportedly considering cancelling the operating license of Paytm Payments Bank in March. The decision depends on whether the deposits of the bank's customers are safeguarded after the February 29 deadline. The RBI recently barred Paytm Payments Bank from offering banking services, citing non-compliance and supervisory concerns. Paytm's stock has been affected by the RBI's order, with a significant drop in share price. Paytm executives have assured users that the company will continue operations beyond the deadline.
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'Pure doglapan': Ashneer Grover, Deepak Shenoy slam RBI over Paytm Payments Bank action
Startup News FYI
·
1y ago
Medial
Ashneer Grover, co-founder of BharatPe, and Deepak Shenoy, CEO of Capitalmind, criticized the Reserve Bank of India (RBI) for imposing restrictions on Paytm Payments Bank. Grover stated that RBI's moves are against fintechs and will kill the sector, calling for government intervention. Shenoy expressed shock at the RBI's action, comparing it to how the central bank handled the Yes Bank crisis. RBI justified its action citing non-compliance and supervisory concerns. PPBL clarified that the restrictions won't affect user deposits and certain services will continue as usual.
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RBI move on Paytm Payments Bank may be precursor to licence cancellation
Economic Times
·
1y ago
Medial
The Indian central bank has halted Paytm Payments Bank's new business activities, which could potentially lead to the cancellation of its license. The bank has prohibited Paytm Payments Bank from accepting fresh deposits and facilitating credit and fund transfers after February 29. Customers will have a grace period to withdraw their deposits and complete pending transactions. Paytm has yet to respond to the development.
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Paytm Payments Bank CEO Surinder Chawla quits to explore better career prospects
IndianStartupNews
·
1y ago
Medial
Surinder Chawla, the CEO of Paytm Payments Bank (PPBL), is resigning amidst regulatory scrutiny from the Reserve Bank of India (RBI). Chawla, who has over 30 years of banking experience, cites personal reasons and better career prospects for his decision. PPBL has faced restrictions from the RBI, including accepting new deposits and onboarding customers, due to non-compliance and supervisory concerns. Paytm founder Vijay Shekhar Sharma stepped down as part-time non-executive Chairman, and the board was reconstituted with independent directors to address regulatory concerns. The company has also terminated service agreements with PPBL and received approval as a Third-Party Application Provider.
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Paytm Payments Bank Hopeful About RBI Lifting Customer Onboarding Restrictions By March 2024
Inc42
·
1y ago
Medial
Paytm Payments Bank is hopeful that the Reserve Bank of India (RBI) will lift the restrictions on onboarding new customers by March 2024. The RBI had barred Paytm Payments Bank from onboarding new customers in March 2022 due to "certain material supervisory concerns." While there is no definite timeline for the lifting of restrictions, the company is optimistic about resuming customer onboarding by March next year. Paytm Payments Bank is the top payments bank in India and has been working to address the RBI's concerns.
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