India Business News: A collective of startup founders has penned a letter to RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman, urging the regulator to
The country’s central bank Reserve Bank of India has barred fintech major Paytm from offering all forms of banking services to its customers. The RBI said that the action against One 97 Communications, which runs Paytm, was due to "non-compliance and continued material supervisory concerns in the bank."The new restriction applied by RBI may lead to several services offered by the platform becoming inoperable. Here are the services that will work and those that will not.
RBI issues instructions to Paytm Payments Banks: The Reserve Bank of India (RBI) directed the Paytm Payments Banks to stop onboarding new customers with immediate effect. This is a huge setback for the digital finance services of Paytm. RBI took the call based on several material supervisory concerns that are observed in Paytm Payments Bank.
Additionally, the RBI imposed a penalty of approx Rs 27.8 lakhs on Western Union Financial Services (WUFSI) for non-compliance with provision laid out in the Master Direction on Money Transfer Service Scheme (MTSS Directions) dated February 22, 2017.