India Cenbank Extends Deadline for Paytm Banking Unit Wind-Down

Paytm Payments Bank, affiliated with One 97 Communications, secured an extension from the RBI to wind down operations amid scrutiny by the financial crime agency for overseas transactions. The RBI's January directive had instructed the bank to halt new deposits from Feb. 29, a deadline that has now been extended to March 15 due to supervisory concerns. The financial crime agency is investigating overseas transactions on the platform. The extension aims to provide customers, including merchants, more time for alternative arrangements. Post March 15, no additional deposits or credit transactions will be permitted. Customers can withdraw funds but not add new ones after this date. Paytm Payments Bank, with a significant share in India's toll collections through FASTag, won't allow recharge after March 15. Merchants using Paytm QR codes can continue if linked to accounts other than the bank's. Despite appeals by Paytm's non-executive chairman, Vijay Shekhar Sharma, for a review, RBI Governor Shaktikanta Das affirmed the decision. The bank faces a challenging transition period as customers and merchants adjust to the impending banking services and transaction changes.

भारत केंद्रीय बैंक ने पेटीएम बैंकिंग इकाई के विंड-डाउन के लिए समयबढ़ाया, प्रक्रिया को समाप्त करने के लिए अधिक समय प्रदान किया।