{"id":1521,"date":"2024-03-04T06:02:08","date_gmt":"2024-03-04T06:02:08","guid":{"rendered":"https:\/\/www.webpressglobal.com\/?p=1521"},"modified":"2024-03-04T06:02:08","modified_gmt":"2024-03-04T06:02:08","slug":"paytm-payments-bank-may-lose-licence","status":"publish","type":"post","link":"https:\/\/www.webpressglobal.com\/world-news\/india\/paytm-payments-bank-may-lose-licence\/","title":{"rendered":"Paytm Payments Bank may lose licence"},"content":{"rendered":"
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With less than two weeks to go for Paytm Payments Bank Limited (PPBL) to cease operations, the Reserve Bank of India (RBI) may take the unprecedented step of revoking the banking licence, the\u00a0Hindu Business Line<\/em>\u00a0has said. If it does go ahead, it would be the first time in more than 20 years that the banking regulator would take such an action.<\/p>\n

An administrator might be appointed to oversee critical aspects of the bank’s operations, the report said.<\/p>\n

According to a source, the RBI’s decision could be prompted by repeated instances of failed due diligence on the part of the banking arm of the payments major Paytm, the report said.<\/p>\n

On March 1,\u00a0One97 Communications\u00a0(OCL), the parent company of Paytm, announced that its board had approved the discontinuation of several inter-company agreements with Paytm Payments Bank.<\/p>\n

On January 31, the\u00a0RBI imposed business restrictions on the bank citing repeated violations of norms\u00a0and non-compliance with multiple rules. The banking regulator barred PPBL from accepting fresh deposits and doing credit transactions after February 29.<\/p>\n

The deadline was later extended to March 15.<\/p>\n

A Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliance and continued material supervisory concerns in the bank, warranting<\/p>\n

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With less than two weeks to go for Paytm Payments Bank Limited (PPBL) to cease operations, the Reserve Bank of India (RBI) may take the unprecedented step of revoking the banking licence, the\u00a0Hindu Business Line\u00a0has said. If it does go ahead, it would be the first time in more than 20 years that the banking […]<\/p>\n","protected":false},"author":2,"featured_media":1522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,65],"tags":[],"_links":{"self":[{"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/posts\/1521"}],"collection":[{"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/comments?post=1521"}],"version-history":[{"count":1,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/posts\/1521\/revisions"}],"predecessor-version":[{"id":1523,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/posts\/1521\/revisions\/1523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/media\/1522"}],"wp:attachment":[{"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/media?parent=1521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/categories?post=1521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.webpressglobal.com\/wp-json\/wp\/v2\/tags?post=1521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}