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India orders Paytm Payments Bank to halt business
The Reserve Bank of India has ordered Paytm's Payments Bank to cease deposits, credit transactions and top-ups in customer accounts, prepaid instruments The Reserve Bank of India has ordered Paytm's Payments Bank to cease deposits, credit transactions and top-ups in customer accounts, prepaid instruments and wallets after February 29.
RBI said a comprehensive audit by external auditors found “persistent” non-compliances and “continued material supervisory concerns” in the bank. It has also directed One97 Communications, the parent firm of Paytm, and Paytm Payments Services to terminate their nodal accounts “at the earliest.” Customers can continue to withdraw money from their accounts, RBI said. Without the nodal account, Paytm will likely have to move many of its businesses to other banks, according to preliminary assessment by industry executives.
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