Page 3 - Paytm Payments Bank

Paytm PB MD & CEO Surinder Chawla resigns due to personal reasons

Chawla was appointed as managing director and CEO of Paytm Payments Bank in January 2023 after it received a nod from RBI

RBI clampdown may tighten loan growth in FY25, says S&P Global Ratings

The recent regulatory measures have upside in terms of curtailing lenders' over-exuberance, enhancing compliance culture, and safeguarding customers

Facing problems in closing your Paytm FASTag account? Here's how to do it

After the RBI's ban on PPBL from onboarding new clients and its wallet services, customers have complained of issues in closing their PPBL-linked FASTag accounts

YES Bank, Axis Bank go live as payment service providers for Paytm

YES Bank has gone live as a PSP bank with a closed group of users with the @ptyes handle. Similarly, Axis Bank is live with a closed group of users with the @ptaxis handle

Paytm Payments Bank releases FAQs on refund, closing FASTag accounts

According to the FAQs, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15

Paytm gets a lifeline with third-party license: What this means for you

The third-party application provider license will allow Paytm to facilitate payments through the UPI network, akin to how PhonePe and Google Pay operate

Paytm gets nod to continue UPI via State Bank of India, three others

Four banks-- Axis Bank, HDFC Bank, State Bank of India, YES Bank will act as Payment Service Providers (PSPs) to Paytm

Paytm Payments Bank FAQs: Deadline nears, here's what customers must do now

RBI has compiled a list of FAQs to soothe customer concerns following the curb on Paytm's unit Paytm Payments Bank's operations

Paytm parent One97 Communications plans partnership with 4 banks for UPI

UPI payments on the Paytm app will likely redirected to SBI, HDFC Bank, Axis Bank, and Yes Bank for settlement, if Paytm Payments Bank operations cease after March 15

Layoff fears at Paytm as deadline for bank cutback just a day away

In Dec, Business Standard reported that Paytm was rationalising its employee cost structure, which includes revising its hiring strategy, focusing on contract employees

Fino Payments Bank appoints two new independent directors on its board

The Mumbai-based Fino Payments Bank has appointed Anita Sudhir Pai and Neeta Mukerji as additional directors in the capacity of independent directors of the bank

Register alternate bank for trading as Paytm deadline nears, BSE warns investors

If you've been using your Paytm Payments Bank (PPBL) account for your trading activities, it's time to consider adding another bank account to your setup

Paytm Payments Bank: Services you can or can't use after March 15

As RBI deadline nears, take a look at the list of services that you can use on Paytm after March 15 and alternatives available to users

Explained: Big changes for SBI, ICICI, Axis, Yes Bank credit card users in March 2024

Major banks in India have recently announced changes to their credit card rules. If you rely on your credit card for daily purchases, travel perks, or managing your finances, here's what you must know

Sebi and RBI take away the punch bowl

Unenviable position: If regulators act ahead, they are criticised as the action is at odds with some people's financial interests; if they don't act, they are blamed for being lax when disaster hits

Processing UPI transactions: Paytm's TPAP request awaits bank tie-ups

Need to comply with security, data localisation norms

Paytm PB failed to use mechanism for detecting suspicious transactions: FIU

Paytm Payments Bank failed to put in place an internal mechanism to "detect and report" suspicious transactions as stipulated under the anti-money laundering law and was unsuccessful in conducting due diligence of its payout service, the FIU said in its order that imposed a fine of Rs 5.49 crore on the digital entity. The federal financial intelligence gathering and dissemination agency said in its March 1 order that these charges against the bank, a registered reporting entity with the FIU under the PMLA, were "substantiated" after more than four years of investigation and a show cause notice that was issued against it on February 14, 2022. After the Union finance ministry issued a press statement on the FIU action, a Paytm Payments Bank spokesperson had said that the penalty pertains to issues within a business segment that was discontinued two years ago. "Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit ...

Paytm sheds nearly 4% as FIU slaps Rs 5.5 crore penalty on Payments Bank

The penalty was slapped in connection with alleged violations under the Prevention of Money Laundering Act (PMLA), read with PML rules

FIU imposes Rs 5.49 cr penalty on Paytm Payments Bank for PMLA violations

After scrutiny of documents, FIU had issued a compliance Show Cause Notice to the bank for its violations of PML rules, including Know Your Customer

FIU imposes Rs 5.49 cr penalty on Paytm PB for money laundering violations

Financial Intelligence Unit-India (FIU-IND) has imposed a Rs 5.49 crore penalty on Paytm Payments Bank for violating anti-money laundering rules, the Finance Ministry said on Friday. FIU-IND initiated a review of Paytm Payments Bank on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling. The money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd, the ministry said. "The Financial Intelligence Unit-India (FIU-IND),... has imposed a monetary penalty of Rs 5.49 crore on Paytm Payments Bank Ltd with reference to the violations of its obligations under the PMLA (Prevention of Money Laundering Act)," the ministry said. The FIU passed its order imposing the penalty on February 15. The FIU action follows RBI