Employees working in Paytm fear losing their jobs as the RBI deadline nears on March 15, 2024. After the resignation of Vijay Shekhar Sharma from the PPBL board, the employees are concerned about their jobs and the fate of the services after the deadline. Paytm Employees Fear Potential Layoffs As RBI’s Deadline Nears on March 15, Still Employees Are Motivated and Trying To Address Compliance Issue: Report.
Paytm crisis: The Reserve Bank of India (RBI) has been cracking down on financial entities in recent years, and the action taken against Paytm is in line with its regulatory processes. The RBI has previously taken disciplinary action against HDFC Bank, Bajaj Finance Limited, and Bank of Baroda for various non-compliance issues. The RBI s message is clear: any signs of stress or breach will invite scrutiny, and if corrective actions are not taken, regulatory restrictions will be imposed.
RBI has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business including taking further deposits, conducting credit transactions and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.