India’s Paytm meets with central bank following suspension of deposits: report

Paytm is reportedly seeking to extend the RBI’s 29 February deadline, a source said.

Paytm chief executive Vijay Shekhar Sharma met with the India central bank on 5 February to address regulatory concerns, reports Reuters, based on two sources with “direct knowledge of the talks.”

This comes days after the Reserve Bank of India (RBI) ordered the Paytm Payments Bank to stop accepting new deposits in its accounts and its popular digital wallets beginning March, citing supervisory concerns and non-compliance of rules.

ALSO READ: India’s commercial banks reports 17% higher net interest incomes

A source said that Paytm is seeking to extend the RBI’s 29 February deadline.

Paytm is reportedly also seeking clarity from the RBI regarding transfer of license for the wallets business and digital highway toll payment service Fastag, the source said.

"The RBI heard Paytm out without making any commitments," a second source said.

Here’s more from Reuters.

Also Read

India’s ecommerce payments to hit $147.3b in 2024

AusPayNet welcomes Aussie gov’t retirement of cheques by 2029

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit