Paytm Payments Bank to take 'immediate steps' to comply with RBI directions
FirstpostNew Delhi: Paytm Payments Bank on Saturday said it is taking immediate actions to comply with the direction of the Reserve Bank of India which has barred the company from opening new accounts amid “material supervisory concerns”. This is the third time that Vijay Shekhar Sharma-promoted Paytm Payments Bank is facing action from the banking regulator since its inception in May 2017. “Any new users coming to the Paytm app can create Paytm UPI handles, and link them to their existing PPBL account or to other bank accounts. The central bank had also issued a show cause notice to the firm dated July 29, 2021, stating that Paytm Payments Bank had committed an offence under the Payment and Settlement Systems Act, 2007 by submitting false information to RBI confirming completion of the transfer of Bharat Bill Payment Operating Unit business by One97 Communications to PPBL.