Paytm in Limbo: Amid Uncertainty, RBI Rejects Concession For Company
The Reserve Bank of India has refused to interject in the matter

Paytm | Reuters
In a major blow to the prospects of Paytm and its bank services, the Reserve Bank of India has refused to interject in the matter with a concession for the company in the ongoing fiasco. This comes in after the co-founder of the company Vijay Shekar Sharma, held a meeting with the central bank officials, to try and assuage the situation.
Earlier, the central bank threw a spanner into the flow of functioning of the entity, terminating it's banking services sighting irregularities.
ALSO READ
Following the recent RBI decision to terminate Paytm's nodal accounts after February 29, One97 Communications Ltd (OCL), the parent company of Paytm, has announced a strategic shift, indicating a move away from dependency on Paytm Payments Bank Ltd (PPB).
As the deadline approaches for migrating nodal accounts from Paytm Payments Bank, Paytm now looks at future, where it may have to proceed without it's banking arm.
The once promising start up has more than 3 crore merchants on its platform. Amongst them, about 20 per cent, which translates to nearly 60 lakh, use PPBL as their settlement account. In addition, for most of the UPI addresses on the Paytm app, the sponsor bank – technically called payment service provider (PSP bank)
RECENT STORIES
-
Mira-Bhayandar News: MBVV Crime Branch Busts Tinder-Based Honeytrap Racket In Mira Road, Arrests 2... -
Maharashtra CM Devendra Fadnavis Announces Big Push For Farm Road Construction Across State -
Mumbai News: Goods Train En Route Pune Derails At Khandala Near Bhor Ghat; No Injuries Reported... -
IND Vs ENG, 3rd Test: Why Are England Players Wearing Red Jerseys And Caps During Day 2 At Lord's?... -
Maharashtra CM Devendra Fadnavis Orders Criminal Case Over Financial Irregularities At Shani...