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Paytm wallet and FASTag products will cease to exist, Bernstein says
India's central bank extended the deadline for some of the business restrictions it's imposing on Paytm's Payments Bank to March 15 from February 29, The Reserve Bank of India extended the deadline for some of the business restrictions it's imposing on Paytm's Payments Bank to March 15 from February 29.
India’s central bank extended the deadline for some of the business restrictions it’s imposing on Paytm’s Payments Bank to March 15 from February 29, giving the Indian financial services firm an additional 15 days to comply with the rules but squashing chances of any major concessions. The Reserve Bank of India said Friday that Paytm Payments Bank, an associate firm of the Indian financial services firm that processes the group’s transactions, will be barred from accepting customer deposits, credit transactions and top ups in bank account, prepaid instruments, wallets, FASTags from March 15, 2024. The RBI also published an FAQ(PDF), detailing how the embargo on Paytm’s Payments Bank will impact merchant and customers.
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