Paytm Payments Bank

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The Reserve Bank has officially removed Paytm Payments Bank from the list of recognised scheduled banks following the cancellation of its banking licence. In April this year, the Reserve Bank of India (RBI) had cancelled the banking licence issued to PPBL for non-compliance with norms, saying affairs of the bank were conducted in a manner detrimental to the interest of its depositors. Later, the Delhi High Court ordered that Paytm Payments Bank Ltd (PPBL) be wound up. "Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934...," the central bank said in a statement on Wednesday. A notification in this regard was published on July 31 and published in the Gazette of India in September. The Second Schedule of the RBI Act is the official list of recognised banks that meet the central bank's financial standards and get special operational privileges. 'Scheduled bank' means a bank included in the Second Schedule. PPBL, an associate

The RBI said the Delhi High Court has ordered the winding up of Paytm Payments Bank (PPBL) following the central bank's petition and cleared the appointment of Nair as the official liquidator

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RBI's revocation of Paytm Payments Bank licence raises questions on governance lapses and what it means for One97 Communications' ambition to build a full-stack financial services platform

Paytm share price today: Paytm Payments Bank was barred from onboarding new customers with effect from March 11, 2022.

Global brokerage firm Jefferies has reiterated its "Buy" rating on Paytm (One 97 Communications Ltd), stating that the company's growth engine and profitability will remain intact despite regulatory action on its associate entity Paytm Payments Bank Ltd (PPBL). The company has maintained its price target of Rs 1,350, implying an 18 per cent upside. In its latest report, Jefferies stated that Paytm had already undertaken comprehensive structural changes over the past two years, following the regulator's 2024 restrictions on PPBL. These include shutting down the wallet business tied to the bank, migrating UPI handles to other partner banks, terminating inter-company agreements, and writing off its investment in the banking entity. Post the central bank's action, PPBL's board was reset, with a new chief executive being brought in, the brokerage firm noted. With these structural changes already complete, the brokerage said the licence cancellation itself has a low incremental impact on

Company claims no material impact despite cancellation of payments bank's licence

Regulator cites governance concerns; says bank has sufficient liquidity to repay all deposits upon winding up and will approach High Court

In January 2024, the RBI directed the bank to stop accepting new deposits, citing non-compliance with rules related to customer due diligence, use of funds and technology systems

Paytm operator's shares rose 2 per cent after RBI gave a final authorisation to operate as a payment aggregator, enabling unrestricted merchant onboarding on its platform

RBI's in-principle approval allows Paytm to resume merchant onboarding, lifting 2022 restrictions and opening the field to stronger competition in the payments space

Notably, the new development comes after China's Ant Financial exited the company last week, selling its entire 5.84 per cent stake for around ₹3,803 crore

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The northward movement in the Paytm share price came after the company announced that it is shifting to direct transaction processing

The reactivation effort comes at a time when the payments bank has lost 72.25 per cent of its prepaid payment instrument (PPI) wallets from 363.15 million

Nakul Jain is the Managing Director and CEO of Paytm Payments Services Limited (PPSL). He joined PPSL in June 2022 and is in charge of the Online Payments business

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The northward move in the stock price is fueled by the news that the company has launched UPI International, allowing Indian travelers to make UPI transactions in 6 foreign countries

The Noida-based company's outgoing CTO Manmeet Singh Dhody has been 'transitioned' to a new role as AI (artificial intelligence) fellow of the fintech major