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Paytm Assures Users: Services Unaffected Despite RBI Action on Payments Bank
'No impact on Paytm': Paytm has stated that the Reserve Bank of India's action against PPBL has had no impact on its business or financial position. The company clarified that PPBL is an independent entity and all Paytm services are continuing as normal.
According to Paytm, the RBI's actions against Paytm Payments Bank Limited (PPBL) have had no impact on its businesses. As per Paytm, it has minimal transactions with Paytm Payments Bank Limited.
According to reports, on Friday, the RBI revoked Paytm Payments Bank Limited's banking license. According to the RBI, the revocation of the license was done because of the adverse effect the bank's functioning has had on the RBI's interest as well as that of its depositors.
In its regulatory announcement, Paytm clarified that the payments bank works independently of it. The company stated that it had no significant business arrangement or exposure to PPBL on March 1, 2024.
Paytm also stated that it does not operate any services in partnership with PPBL. According to the company, it had already depreciated its investment in PPBL on March 31, 2024, and therefore, the current action has no direct financial impact on it.
