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The Reserve Bank of India (RBI) on Friday extended the timeline for services linked to Patym Payments Banks to March 15 from the previous deadline of February 29.
The two financial institutions had announced in May 2023 plans to merge.
Paytm Share Price Post RBI's Order on Banking Services News: Paytm, an online source of payment services, encountered a substantial setback courtesy of the Reserve Bank of India (RBI). The development unfolded on Wednesday, when the RBI took significant action against Paytm. As per details, Paytm will no longer be permitted to provide banking services beyond February 29.
The Reserve Bank of India issued new strict curbs on Paytm's Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services including accepting fresh deposits and credit transactions across its services. Wednesday's move, which goes into effect February 29, follows the Indian central bank ordering Paytm Payments Bank to stop accepting new customer accounts in 2022, a curb it maintains. One97 Communications, the parent firm of Paytm, owns a 49% stake in Payment Payments Bank.
Mumbai: The Reserve Bank of India (RBI) on Wednesday banned Paytm Payments Bank Ltd (PPBL) from offering all forms of banking services including fund transfers via Unified Payments Interface, IMPS,...