In the midst of ongoing regulatory uncertainties, Paytm, the fintech giant has dominated the front pages of many newspapers today with a widespread and eye-catching advertising blitz. The company has strategically placed its advertisements across various prominent newspapers, capturing the attention of readers.
Addressing the concerns that have arisen due to regulatory scrutiny, Paytm's advertisements delivered a direct message to users, stating, "Beware of any rumor about your Paytm SoundBox and QR. They will keep working always." This proactive communication aims to reassure users amidst the ongoing regulatory challenges.
Paytm founder Vijay Shekhar Sharma also in his social media platform X (Formerly Twitter) shared the post of the advertisment of the company stating, "Yep ! Today, tomorrow, always."
The company also thanked its partners of digital India, who helped the company in countering rumours.
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The advertisement further asked the readers and its user base to consult FAQs numbers 21 and 22 released by the central bank. These FAQs provide answers to queries that users or merchants may have regarding the Paytm QR code, Soundbox, and Card Machines.
RBI's Restrictions On The Payments App
The Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Ltd on January 31, barring it from accepting deposits or facilitating credit transactions beyond February 29. The move, linked to concerns of potential money laundering, prompted Paytm to make strategic adjustments.
In response to the regulatory discussions, the RBI granted a 15-day extension to Paytm Payments Bank, extending the deadline to March 15, 2024.
However, the National Highway Authority of India (NHAI) has excluded Paytm Payments Bank from its list of authorized banks for the FASTag service, indicating a broader impact of regulatory measures.
