Brokerage firm Bernstein noted that RBI s focus is on Paytm Payments Bank, and not all aspects of Paytm, adding that the March 15 deadline extension provides Paytm more time for regulatory changes.
Paytm on Friday said it has partnered with Axis Bank for the settlement of merchant payments. The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank via an escrow account that it has opened with it.
The directorate of enforcement (ED) has launched a preliminary investigation or a pre-open inquiry into alleged violations related to the Foreign Exchange Management Act (FEMA) in the Paytm Payments Bank Ltd case, says a report. Meanwhile, citing regulatory actions, the National Highway Authority of India (NHAI) has removed Paytm Payments Bank from its list of 30 authorised banks for the FASTag service.