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After issuing directions under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) is considering either cancelling the licence of Paytm Payments Bank (Paytm PB) or superseding its board after the settlement of all pipeline transactions and nodal accounts are completed by March 15, sources said.
The payments bank has been found in violation of several norms, including know your customer (KYC) guidelines, which prompted the regulator to order the lender to stop deposits or credit transactions after February 29, 2024.
The RBI has asked Paytm PB to settle all pipeline transactions and nodal accounts
First Published: Feb 07 2024 | 12:05 AM IST
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