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Paytm to terminate business with Paytm Payments Bank after central bank’s clampdown
Paytm said Thursday that it will cease working with its associate Paytm Payments Bank and accelerate plans to partner with other banks, after India's Paytm will cease working with its associate Paytm Payments Bank and accelerate plans to partner with other banks after RBI's clampdown.
Wednesday’s clampdown follows the RBI ordering Paytm Payments Bank to stop taking on new customers in 2022, a curb it still maintains. “We have seen RBI take ~15 months time to revoke its ban on digital business activities of the largest private sector bank. Accordingly, we do not see any near term solution to these problems and this effectively means, in our view, that RBI is indirectly revoking the PPI (pre-paid instrument) licence of Paytm,” Macquarie analysts wrote in a note.
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