The Reserve Bank of India (RBI) defended its action against Paytm Payments Bank, citing "persistent non-compliance" and violations of regulations, including those related to know-your-customer (KYC) documents. The central bank emphasized the importance of compliance for systemic stability and depositors protection. RBI officials clarified that regulatory engagement preceded the action, and the forthcoming FAQ will address queries on the Paytm issue.
India Business News: MUMBAI: The street failed to take comfort from Paytm management's assurance to investors that the company would disassociate from Paytm Payments Bank .
Many founders and investors took to public platforms to point out that the Reserve Bank of Indias directive has come across as being harsh, with the potential of affecting millions of consumers and businesses.
The Reserve Bank of Indias decision Wednesday to terminate the nodal accounts of One 97 Communications Ltd and Paytm Payments Services Ltd could have far reaching implications on India s digital payments ecosystem, multiple industry executives said.
PB Fintech, the parent entity which operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, has turned profitable and clocked its first ever net profit of Rs 37.2 crore for the third quarter ending December 31, 2023.