@Pradhumn Why RBI Has Put Restrictions On Paytm?
There were non-compliances on a/c of KYC norms plus monopolistic Paytm Bank services, prima-facie.
The RBI said it had in March 2022 asked the Paytm Payments Bank to stop adding new customers.
A Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action. Specific details were not provided by RBI in public domain.
Paytm reported responded to put in compliances as per RBI directions. They intend to accelerate the plans and completely move to other bank partners. Going forward, company will be working only with other banks, and not with Paytm Payments Bank.
Let's watch the further developments.
Disclaimer : Have no share holding of this company. Also not a subscriber of payment bank services.