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The Reserve Bank of India (RBI) this week widened its curbs on Paytm’s Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services, including accepting fresh deposits and credit transactions across its services. In response, Paytm said it will terminate business with its affiliate and seek partnership with other banks.
“Paytm sees no impact on insurance distribution and equity broking business. With respect to loan distribution, management expects moderation in disbursements over the next few weeks, and said it is in the process of reaching out to partners to explain the current circumstances to them. Further, the bank does have certain merchant loans where the settlement happens in PPBL (Paytm Payments Bank Limited) bank accounts – it said it is in the process of shifting to alternate bank accounts of the merchants, and doesn’t expect any significant impact,” the analysts wrote in a note.
https://techcrunch.com/2024/02/01/indian-central-banks-clampdown-wipes-2-1-billion-off-paytm/
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