Beleaguered Paytm Payments Bank’s managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on Tuesday. Chawla’s resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI. “Surinder Chawla, Managing Director and CEO of PPBL, has tendered his resignation on April 8, 2024, on account of personal…
Paytm Payments Bank has released a detailed FAQ on their website in light of the new directive that comes into force on March 15, concerning the acceptance of new deposits. The bank has provided clarity especially on the usage and management of FASTags issued by them, in compliance with the Reserve Bank of India‘s (RBI)…
Paytm Payments Bank FASTag: The Reserve Bank of India (RBI) has banned Paytm Payments Bank (PPBL) from taking on new clients for different services. After March 15, no new deposits, credit transactions, or top-ups will be accepted for customer accounts, prepaid cards, Paytm Wallets, FASTags, NCMC cards, etc.The National Highways Authority of India (NHAI) suggests…
Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country’s payments authority, which will enable it to facilitate payments after its banking unit ceases operations. The license will allow customers to continue using the Paytm app for payments through India’s popular unified…
Paytm Payments Bank crisis: The Reserve Bank of India (RBI) imposed business limitations on Paytm Payments Bank Ltd (PPBL) through a press release dated January 31, 2024. From February 29, 2024, PPBL was prohibited from accepting fresh deposits or top-ups due to persistent non-compliance and ongoing supervisory concerns. The deadline has since been extended by…
Money deadlines in March 2024: As the current financial year is set to end, it’s important not to overlook important deadlines that could affect your finances. These dates involve regulations that taxpayers and investors must adhere to, in order to avoid penalties or fines for missing them. As per an ET report, here are some…
Paytm did not specify what agreements were being terminated. BENGALURU: Paytm and its payments bank unit have mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies, the embattled payments firm said on Friday. Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated. The payments bank…
The crisis at Paytm Payments Bank has out strong focus on regulatory compliance in the county’s fintech segment. The strict RBI action against Paytm Payments Bank is said to have created worry among a certain section of fintechs. A group of startup founders had also written to Sitharaman, seeking reassessment of the stringent action. In…
Paytm crisis: Paytm’s impending exit from the employee benefits market due to regulatory actions against its payments bank and mobile wallet has paved the way for other players like Pluxee (formerly Sodexo), Zaggle, and banks to grow their presence in this sector.ET quoted a senior fintech executive saying that large corporations are seeking alternative options…
Mr Sharma owns a 51 per cent stake in Paytm Payments Bank. New Delhi: Paytm CEO Vijay Shekhar Sharma on Monday resigned as non-executive chairman and board member of Paytm Payments Bank, amid ongoing regulatory challenges faced by the digital payments giant. The decision follows a series of measures imposed by the Reserve Bank of…
