Highlights

  • Paytm Payments Bank's independent director, Manju Agarwal, reportedly resigned
  • RBI, on January 31, halted Paytm Payments Bank from onboarding new customers
  • And directed it to cease key banking services starting February 29

Latest news

Executive producer Priyanka Chopra shares trailer of Oscar nominated documentary ‘To Kill A Tiger’

Executive producer Priyanka Chopra shares trailer of Oscar nominated documentary ‘To Kill A Tiger’

Gross injustice to youth: Kharge to President over Agnipath scheme

Gross injustice to youth: Kharge to President over Agnipath scheme

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Another TMC leader arrested on land grab charges in Sandeshkhali

Another TMC leader arrested on land grab charges in Sandeshkhali

SAG Awards 2024 mourns Lee Sun Gyun's demise: 'We lost an extraordinary actor...'

SAG Awards 2024 mourns Lee Sun Gyun's demise: 'We lost an extraordinary actor...'

Xiaomi 14 and 14 Ultra launched globally: Snapdragon 8 Gen 3 power, Leica cameras

Xiaomi 14 and 14 Ultra launched globally: Snapdragon 8 Gen 3 power, Leica cameras

Yashasvi Jaiswal equals Virat Kohli's record for most runs in a Test series | IND vs ENG

Yashasvi Jaiswal equals Virat Kohli's record for most runs in a Test series | IND vs ENG

Why was Nitasha Kaul, Kashmiri Pandit professor in UK, denied entry to India?

Why was Nitasha Kaul, Kashmiri Pandit professor in UK, denied entry to India?

Paytm confirms Manju Agarwal's resignation from Paytm Bank board due to personal commitments

Agarwal, who served on the board since May 2021, resigned on February 1

Paytm confirms Manju Agarwal's resignation from Paytm Bank board due to personal commitments

Paytm: One97 Communications, the parent company of Paytm, has confirmed the resignation of Manju Agarwal, an independent director at Paytm Payments Bank Limited. According to Paytm, Agarwal cited "personal commitments" as the reason for stepping down from the board of the payments unit.

As per reports, Agarwal who was serving in the board since May 2021, resigned from the board with immediate effect on February 1. Her resignation came after RBI, on January 31, stopped the payments bank from onboarding new customers and ordered them to stop their key banking services from February 29.

Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday.

The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.

Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions up to their available balance.

"We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner banks. This ensures that our merchant partners face no disruptions, no need to revisit existing setups, and no additional effort," the blog said.

Paytm said its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before.

"Leading industry players across retail, entertainment, and beyond, such as Arvind Limited, Smaaash, BIBA, and more' stand testament to the strength of our partnerships, having experienced firsthand the benefits of our seamless payment solutions," the blog said.

Also Read: SEBI orders Zee Business guest experts to pay Rs 7.41 crore


Up Next

Paytm confirms Manju Agarwal's resignation from Paytm Bank board due to personal commitments

Paytm confirms Manju Agarwal's resignation from Paytm Bank board due to personal commitments

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Adani Group and Uber hint at potential collaborations in India

Adani Group and Uber hint at potential collaborations in India

Gold, Silver Price Today February 26, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 26, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

 Latest NSSO consumer survey indicates poverty down to 5 per cent: NITI Aayog CEO

Latest NSSO consumer survey indicates poverty down to 5 per cent: NITI Aayog CEO

Gold, Silver Price Today February 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

More videos

Registration for DDA luxury house begins; check details here

Registration for DDA luxury house begins; check details here

Government aims for record road construction in FY24

Government aims for record road construction in FY24

Investors oust Raveendran; Byju's calls decision invalid

Investors oust Raveendran; Byju's calls decision invalid

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

Indian semi-conductor stocks rally after Nvidia's record gain

Indian semi-conductor stocks rally after Nvidia's record gain

Kia announces voluntary recall of over 4,300 Seltos cars in India

Kia announces voluntary recall of over 4,300 Seltos cars in India

Maharashtra FDA cracks down on McDonald's for using cheese substitutes

Maharashtra FDA cracks down on McDonald's for using cheese substitutes

Byju's investors file oppression, mismanagement suit against co-founder Raveendran at NCLT

Byju's investors file oppression, mismanagement suit against co-founder Raveendran at NCLT

Yulu raises $19.25 million from Magna, Bajaj Auto to fuel expansion plans

Yulu raises $19.25 million from Magna, Bajaj Auto to fuel expansion plans

Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.