Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
Vijay Shekhar Sharma holds 51 percent in the entity with One97 Communications holding 49 percent. Vijay Shekhar Sharma is the promoter of Paytm Payments Bank, and One97 Communications Limited is not categorized as one of its promoters. He resigned as part-time non-executive chairman and board member of Paytm Payments Bank, citing regulatory challenges with the Reserve Bank of India.
On 31 January 2024, Paytm Payments Bank was stopped from onboarding new customers onto their platform, due to persistent non-compliance and continued material supervisory concerns within the bank. It was also told to not accept deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards after 15 March 2024. The Reserve Bank of India has taken this step under Section 35A of the Banking Regulation Act, 1949. According to the RBI, this decision aims to address certain irregularities in Paytm Payments Bank's banking services, ensuring compliance with regulatory norms.
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