As per the data, the restrictions on Paytm Payments Bank may not have a substantial impact since 90% of Paytm s UPI users have accounts linked with other banks, and most users have multiple backend accounts that are out of the scope of the central bank s curbs.
The clarification comes after Revenue Secretary Sanjay Malhotra on Saturday said the enforcement directorate "will probe Paytm Payments Bank if any fresh charges of fund siphoning are found."
Paytm Payments Bank is set to come to a grinding halt as the RBI halts almost all services, citing persistent non-compliance and ongoing supervisory concerns. Late into the night at 1:30 am, One97 issues a press release, pivoting away from the payments bank arm. However, can the company pivot from the punishment imposed by the RBI? What will happen to the 330 million+ customers at Vijay Shekhar Sharma’s payment arm? What caused this significant clampdown, and did Paytm have it coming? Will lenders and customers flee due to growing governance concerns? Tune in as ET’s Anupriya Nair and Pratik Bhakta break down the ban in the latest episode of The Morning Brief podcast!
India Business News: One97, operating as Paytm, is reducing postpaid and small-ticket personal loans below Rs 50,000. Instead, the focus will be on bigger ticket personal