Tag Archives: Paytm Payments Bank

Customers of Paytm Payments Bank Ltd (PPBL) are facing a significant change today as the deadline set by the Reserve Bank of India (RBI) arrives. Following serious rule violations, the RBI imposed restrictions on PPBL, leading to the discontinuation of several key services. Paytm, a prominent player in India's fintech sector, is advising its digital payment users to seek alternative banking solutions due to these developments.

In response to regulatory directives to wind down its operations by March 15, Paytm Payments Bank, a key player in India's digital payment sector, is reportedly considering partnerships with major banks for Unified Payments Interface (UPI) transactions.

In a significant move within India's fintech landscape, Vijay Shekhar Sharma, the founder of Paytm, has relinquished his role as the part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL). This development comes as PPBL faces mounting pressure from regulatory authorities and a mandate to wind down its operations by March 15.

In response to regulatory directives from the Reserve Bank of India (RBI), Paytm Payments Bank, a subsidiary of One 97 Communications (OCL) - commonly known as Paytm, has taken proactive measures to navigate through its current operational challenges. The RBI had earlier instructed Paytm Payments Bank to cease accepting fresh deposits in its accounts and wallets by February 29, subsequently extending the deadline to March 15.