Diabytes
Paytm Payments Bank News
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In a notice on its website, Paytm Payments Bank has announced the dates for Closure of inactive Paytm Payments Bank wallets with nil balance.
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Following regulatory actions, promoter Vijay Shekhar Sharma last month stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited, and the board of the bank has been reconstituted.
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On Friday, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), the parent company of Paytm, to participate in unified payments interface (UPI) as a third-party application provider (TPAP) under multi-bank model.
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Users can still access, utilize, and transfer money from their accounts even after the deadline.
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The FIU issued its order imposing the penalty on February 15.
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Vijay Shekhar Sharma owns a 51% stake in Paytm Payments Bank.
The rest stake is owned by Paytm.
RBI has asked Paytm Payments Bank to halt operations by March 15, 2024.
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Indore police has said as per the preliminary investigation, Paytm staffer Gaurav Gupta was under stress for the last few days fearing that the company might close down and he might lose his job.
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Vijay Shekhar Sharma has stepped down as Part-Time non-executive Chairman and Board member of Paytm Payments Bank Limited (PPBL).
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Starting March 15, 2024, Paytm Payments Bank will not be allowed to accept any further credits into its customer accounts and wallets, as per the directive from the RBI.
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The RBI has clarified that the migration of UPI handles is applicable only to such customers and merchants who have a UPI handle ‘@Paytm’. For others who have a UPI address or handle other than ‘@Paytm’, no action is required to be taken by them.
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Extending its gains in the second consecutive session, the stock of the company climbed 5 percent each to Rs 358.55 and Rs 358.35 apiece -- also its upper circuit limit -- on the BSE and NSE, respectively.
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Speaking in an interview with PTI, Chandrasekhar highlighted the case of Paytm Payments Bank as a reminder that compliance with regulations is non-negotiable.
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After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank.
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In an exchange filing, OCL revealed that the transition to Axis Bank aims to ensure continuity and seamless settlements for merchants.
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Following the Reserve Bank of India's directive on January 31, PPBL was instructed to cease accepting deposits or top-ups in customer accounts.
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Users with savings or current accounts with Paytm Payments Bank can continue to withdraw money and use their debit cards until March 15, 2024.
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The decision comes amidst the ongoing scrutiny faced by Paytm.
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The Reserve Bank of India had few days ago issued a crucial directive to Paytm Payments Bank (PPBL) ordering the lender to cease taking deposits or top-ups in any user accounts, wallets, FASTTags, and other instruments after February 29.
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Paytm shares are up 5.5 per cent at Rs 462.70 on the Bombay Stock Exchange on Monday. Paytm shares had fallen in the last few sessions after RBI restrictions.
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BSE and NSE have reduced the lower circuit filter to 10 percent from 20 percent.
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