The Reserve Bank of India (RBI) directed Paytm Payments Bank to stop banking services due to violations, including money laundering and KYC breaches. Paytm is in talks with other banks for migrating payments and settlements. Paytm founder assures users that the app will continue operating. The RBI s actions have wider implications for the fintech industry. Brokerage firms are skeptical about Paytm s future due to regulatory concerns.
Onboarding of new customers by Paytm Payments Bank has been subjected to specific permission granted by RBI since 11 March 2022, , Paytm app, PPBL, One97 Communications Limited, Reserve Bank of India (RBI)
After the Reserve Bank of India's (RBI) directive to Paytm's associate bank, there has been an impression that the company and its associate are one. However, giving clarity on the same while addressing analysts on Thursday, Madhur Deora, .