Paytm to obtain NPCI licence before March 15
By MYBRANDBOOK
By March 15, Paytm hopes to obtain NPCI clearance for a third-party application provider licence, enabling continuous service following the closure of Paytm Payments Bank. The bank's deadline to stop operations, which was scheduled for March 15, is unlikely to be extended by the RBI. The action was taken in response to ongoing worries about the bank's stability, which prompted regulatory measures to deal with the issue.
The Reserve Bank of India (RBI) announced an extension of the deadline for customers of Paytm Payment Bank on February 16, 2024, to conduct deposits and credit transactions until March 15. This move was made in response to the ongoing crisis surrounding the bank, which has sparked worries among both its customers and regulatory bodies.
"No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime," said RBI in a notification earlier.
RBI issued a directive to Paytm Payments Bank, instructing it to cease accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments from February 29, 2024 onwards on January 31.
It highlighted persistent non-compliances and ongoing material supervisory concerns in Paytm Payments Bank Ltd, based on a comprehensive system audit report and subsequent compliance validation report by external auditors.
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