1 PAN 1000 Accounts : Paytm Payments Bank Faces Regulatory Scrutiny by RBI.
New Delhi: Paytm Payments Bank has come under intense regulatory scrutiny, with the Reserve Bank of India (RBI) imposing strict measures due to concerns over numerous accounts created without proper identification. Insiders familiar with the situation disclosed that these accounts, lacking adequate Know-Your-Customer (KYC) procedures, engaged in transactions of significant amounts on the platform, prompting […]
Read MoreReserve Bank of India Imposes Stringent Restrictions on Paytm Payments Bank Due to Non-Compliance and Regulatory Concerns.
In January 2024, the Reserve Bank of India (RBI) enforced restrictions on Paytm Payments Bank (PPBL) primarily due to persistent non-compliance with regulatory standards and supervisory concerns. The RBI identified several issues contributing to these concerns, which include: Consequently, the RBI imposed various restrictions on PPBL, including: While existing customers can still access their accounts […]
Read MorePaytm Payments Bank Plans to Cease Issuing New Loans in the Upcoming Weeks .
On January 31, the Reserve Bank of India imposed limitations on Paytm Payments Bank, preventing any deposit or credit transactions in customer accounts after February 29. In the December quarter, Paytm Payments Bank witnessed a 56% year-on-year surge in disbursed loans, amounting to Rs 15,535 crore across its three loan distribution categories—merchant loans, personal loans, […]
Read MoreReserve Bank of India Halts Paytm Payments Bank from Accepting Deposits Post February 29.
In a significant move against Paytm Payments Bank (PPBL), the Reserve Bank issued a directive on Wednesday instructing the bank to cease accepting deposits or top-ups in customer accounts, wallets, FASTTags, and other instruments after February 29. The decision stems from persistent non-compliances and ongoing supervisory concerns, as stated by the central bank. Following the […]
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