Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2017 and headquartered in Noida.[4] 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.[5][6][7] In 2021, the bank received a scheduled bank status from the RBI.[8][9]
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.[10][11] He resigned as part-time non-executive chairman and board member of Paytm Payments Bank, citing regulatory challenges with the Reserve Bank of India.[12][13]
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.[14][15] 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.[16]
^"Arun Jaitley launches Paytm Payments Bank, vouches for digital payments". Business Today. November 28, 2017.
^"Paytm Payments Bank appoints Rathore as interim CEO". PYMNTS.com. October 16, 2022.
^"Why RBI lost patience with Paytm Payments Bank: Anti-money laundering lapses, related party transactions". Moneycontrol. 2 February 2024. Retrieved 2 February 2024.
^"Paytm Payments Bank Launched: All About India's Mobile-First Bank With Zero Minimum Balance". India.com. November 29, 2017.
^"Paytm Payments Bank launched. Here's how it compares to rivals Airtel, India Post". livemint.
^"Paytm gets a green signal from the RBI to formally launch its 'Payments Bank'". The Economic Times. January 4, 2017.
^Cite error: The named reference RBI was invoked but never defined (see the help page).
^"Paytm Payments Bank receives scheduled bank status from RBI". Business Standard.
^Srivats, KR (January 9, 2018). "Arun Jaitley launches Paytm Payments Bank". The Hindu Business Line.
^Shetty, Mayur (August 29, 2020). "Paytm seeks in-principle nod on small bank licence". The Times of India.
^"One 97 Communication" (PDF). BSEIndia.
^"Paytm's Vijay Shekhar Sharma steps down from payments bank board". The Times of India. 26 February 2024.
^"Announcement under Regulation 30 (LODR)-Press Release / Media Release" (PDF). BSE Limited.
^"Reserve Bank of India - Press Releases". www.rbi.org.in. Archived from the original on 2024-01-31. Retrieved 2024-01-31.
^Livemint (2024-01-31). "RBI bars Paytm from accepting deposits in any customer account after 29 February". mint. Archived from the original on 2024-01-31. Retrieved 2024-01-31.
^"Paytm Bank Faces Trouble as RBI imposes restrictions". 2024-02-01. Retrieved 2024-02-01.
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