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The RBI' action has triggered debates over innovation in the fintech sector, the quantum of punishment to Paytm, the style of regulation and, of course, the KYC norms, which is the nub of the Paytm issue.
After the central bank cracked down on Paytm Payments Bank, the question is how will Paytm be affected? What part of the business could be lost and what will remain? Where does it go from here? Does it offer value? Here’s a breakdown of what happened and how it will affect the company
On January 31, the RBI barred PPBL from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags, and NCMC card after February 29 in the wake of persistent non-compliances and material supervisory concerns.
"Paytm has been a partner over the years for our acceptance business, for our aggregator business. Under the current circumstances, we don't know too much about what is happening but we are talking, we are waiting and watching to see how events develop. That is all I can say right now," HDFC Bank's country head for payments Parag Rao said.
The Enforcement Directorate will probe Paytm Payments Bank if any evidence of illegal activity is found, Revenue Secretary Sanjay Malhotra told Reuters on Saturday.