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ARTICLE · 12 MARCH 2024

FinTales Issue 35: Aftershocks From The Paytm Payments Bank Debacle

Ikigai Law
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On 31 January 2024, the RBI imposed a series of restrictions on Paytm Payments Bank Limited.

IndiaTechnology
Ikigai Law
Ikigai Law
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"Overall, on behalf of Paytm, I can say that it is more of a big speed bump, but we believe that with the partnership of other banks and the capabilities that we have already developed, we'll be able to see through in the next few days or quarters....."

- Vijay Shekhar Sharma, CEO Paytm & Promoter Paytm Payments Bank Limited

On 31 January 2024, the RBI imposed a series of restrictions on Paytm Payments Bank Limited. Starting 29 February, Paytm Bank cannot offer customers any banking and payment services, including wallets, UPI facility, bill payments, fund transfers etc. It must also terminate the nodal accounts of two of its group companies. Much has been said and written about RBI's action and only time will tell whether it's a speed bump or a head-on collision in Paytm's journey.

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