RBI asks Paytm Payments Bank to prevent enrolling new customers on its platform: report
RBI asks Paytm Payments Bank to prevent enrolling new customers on its platform: report
Paytm Payments Bank has reportedly stopped adding new users on its platform following observations created by the RBI.
Days when Paytm Payments Bank chief operating officer Renu Satti stepped down from her role to guide company's new retail initiative, a Livemint report nowadays same that the Vijay Shekhar Sharma-led mobile-first bank has stopped onboarding new users on its platform following observations created by the RBI.
Paytm stopped enrolling new customers on Gregorian calendar month 20 following an audit by rbi, that created sure observations regarding the method the company follows in effort new customers and its adherence to know-your-customer (KYC) norms, the report same quoting sources.
RBI has directed Paytm Payments Bank to prevent onboarding of latest customers with immediate impact," it added.
However a Paytm executive told the daily that Paytm Payments Bank is modifying its account gap method to introduce current accounts because of that new account creation method has been paused.
Paytm Payments Bank permits customers to open zero balance accounts with none dealings charges. it's a part of a replacement set of differentiated banks that got licence by the run batted in with the aim of extending deposit and payments services to various unbanked and under-banked Indians.
As per the rbi pointers, payments banks cannot lend they'll solely take deposits or settle for payments. It additionally offers an rate of interest of 4 per cent on bank account.
The report more says that Paytm was additionally asked to get rid of Renu Satti as chief executive of the payments bank following RBI's objections regarding her ability to guide a banking services firm, same the third of the four people quoted earlier. rbi requires someone to be a banker so as to become the chief govt of a payments bank.
A Paytm advocator, however, has refuted the charge, saying, "This is incorrect... Renu Satti's appointment was created on 19th could 2017 vide an officer approval from RBI."
The company is however to seek out a replacement for Satti, World Health Organization had taken the chief operating officer role last year.
Last month, digital payments major had claimed that it's achieved annual run rate of 5 billion dealingss and registered $50 billion gross transaction price (GTV) in a very year. GTV refers to the entire dealings price through the platform in a very given fundamental measure. In a blog, Paytm same that it's processed over 400 million BHIM UPI transactions in last six months. "We have additionally achieved 500 per cent growth in cash transfer transactions half-moon," it said.
Paytm had same that it's witnessed an incredible increase in adoption of digital payments in tier II and tier III cities that represent 50 per cent of its total user base.
Paytm Payments Bank has reportedly stopped adding new users on its platform following observations created by the RBI.
Days when Paytm Payments Bank chief operating officer Renu Satti stepped down from her role to guide company's new retail initiative, a Livemint report nowadays same that the Vijay Shekhar Sharma-led mobile-first bank has stopped onboarding new users on its platform following observations created by the RBI.
Paytm stopped enrolling new customers on Gregorian calendar month 20 following an audit by rbi, that created sure observations regarding the method the company follows in effort new customers and its adherence to know-your-customer (KYC) norms, the report same quoting sources.
RBI has directed Paytm Payments Bank to prevent onboarding of latest customers with immediate impact," it added.
However a Paytm executive told the daily that Paytm Payments Bank is modifying its account gap method to introduce current accounts because of that new account creation method has been paused.
Paytm Payments Bank permits customers to open zero balance accounts with none dealings charges. it's a part of a replacement set of differentiated banks that got licence by the run batted in with the aim of extending deposit and payments services to various unbanked and under-banked Indians.
As per the rbi pointers, payments banks cannot lend they'll solely take deposits or settle for payments. It additionally offers an rate of interest of 4 per cent on bank account.
The report more says that Paytm was additionally asked to get rid of Renu Satti as chief executive of the payments bank following RBI's objections regarding her ability to guide a banking services firm, same the third of the four people quoted earlier. rbi requires someone to be a banker so as to become the chief govt of a payments bank.
A Paytm advocator, however, has refuted the charge, saying, "This is incorrect... Renu Satti's appointment was created on 19th could 2017 vide an officer approval from RBI."
The company is however to seek out a replacement for Satti, World Health Organization had taken the chief operating officer role last year.
Last month, digital payments major had claimed that it's achieved annual run rate of 5 billion dealingss and registered $50 billion gross transaction price (GTV) in a very year. GTV refers to the entire dealings price through the platform in a very given fundamental measure. In a blog, Paytm same that it's processed over 400 million BHIM UPI transactions in last six months. "We have additionally achieved 500 per cent growth in cash transfer transactions half-moon," it said.
Paytm had same that it's witnessed an incredible increase in adoption of digital payments in tier II and tier III cities that represent 50 per cent of its total user base.
RBI asks Paytm Payments Bank to prevent enrolling new customers on its platform: report
Reviewed by Digital
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December 23, 2018
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Reviewed by Digital
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December 23, 2018
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