The license, granted by the country's payments authority, came as Paytm Payments Bank will cease to operate on 15 March, following regulatory action due to non-compliance with certain norms.
Paytm didn't say what agreements were being terminated. Payments bank agreed to simplify shareholders’ agreement to 'support Paytm Payments Bank‘s governance, independent of shareholders'.
PPBL has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi among others.
Customers will not be able to deposit money into their account with Paytm Payments Bank. The bank will also not accept any credits or deposits other than interest, cashbacks, sweep-in from partner banks, or refunds after March 15, 2024.
We need to move away from the current one-size-fits-all framework to a risk-based approach. Until then, every fintech will be saddled by some regulation it is potentially violating.
Paytm has lost nearly 50% of its market value, resulting in roughly $3 billion of its shareholder wealth. It hit a record low of Rs 380.10 earlier in the day.
Paytm has lost about 43% of its market value since the RBI told Paytm Payments Bank on Wednesday to stop accepting fresh deposits in its accounts or popular wallets from March.
RBI had Wednesday put curbs on Paytm Payments Bank, a banking partner of Paytm, which included prohibitions on onboarding new customers and operating its mobile wallet services.
While releasing 'India Employment Report 2024', V Anantha Nageswaran said govt can't solve 'all social, economic challenges'. Congress leader Kharge says CEA protecting 'dear leader'.
In an interview with Gulistan News this week, Union Home Minister Amit Shah said the government would leave law and order to J&K Police and slowly withdraw troops.
The ‘idea’ Kejriwal's politics grew around was a no-holds-barred fight against corruption. That is the reason Modi govt has now tarred him and his entire party with the same paint.
COMMENTS