Paytm Vijay Shekhar: After the RBI ban on Paytm Payments Bank, Paytm Founder and CEO Vijay Shekhar Sharma has clarified the situation. He wrote on social media that the information about the Central Bank’s decision regarding Paytm Payments Bank has not been sent to Paytm yet. However, he said that this is a big problem for the company. We have full faith in partnership with the bank. We will clarify the situation regarding this in the next few days.
Updates from our conference call on RBI directives for Paytm Payments Bank, an associate of Paytm
— Paytm (@Paytm) February 1, 2024
Paytm will reduce dependence on Paytm Payments Bank
Vijay Shekhar Sharma said that One Communications 97 and Paytm Payment Services Limited are ready to transfer their nodal accounts to some other bank. He said that this action of RBI will not have any impact on marketing business services. There was a ban on adding new customers two years ago. Due to this we started working with other banks. We will continue to reduce our dependence on Paytm Payments Bank. Also, we will fully follow every instruction of RBI.
Engaged in efforts to reduce the impact of the decision
Company President Bhavesh Gupta said that we are ensuring that the RBI decision has minimal impact on the merchants. Facilities like FastTag provided by other banks will continue to be available on Paytm app. We are working closely with all our partners. This decision will not have any impact on equity and insurance. Major changes will have to be made in the All in One QR code of Paytm Payments Bank. We are in talks with other banks and will soon be back with answers to every question.
RBI had taken action a day before
Reserve Bank of India had taken strict action against Paytm Payments Bank on Wednesday. The central bank had said that the bank was violating many rules. RBI had banned depositing money in customers’ accounts. Besides, top up in Wallet, Fastag and NCMC card was also stopped. However, all customers were allowed to withdraw money.
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