Paytm Payments Bank / Good news for Paytm customers, SBI Chairman said this regarding help

Paytm Payments Bank: There is good news for the customers associated with Paytm Payments Bank. State Bank of India (SBI) has said that it is ready to help those Paytm customers who will be affected after the Reserve Bank of India order from March 1. RBI has directed Paytm Payments Bank Limited not to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024. SBI Chairman Dinesh Kumar Khara said that if the RBI cancels the license of the payment bank, then 'we have no plans' to come directly to save it. Khara, however, added that the bank will be ready if any instructions are received from the RBI. However, he did not elaborate on this.

SBI ready to provide payment facility

Asked if SBI had any connection with the fintech firm, Khara said it was nothing beyond the settlement. Asked if the bank is ready to help the millions of Paytm customers who are merchants, he said, 'Absolutely, our subsidiary SBI Payments is already in touch with these merchants, and we are ready to help them at any time. Are ready for. “We are ready to provide them with our POS machines and cater to all other payment requirements they face,” he said.

Why did RBI crack down on Paytm?

Let us tell you that RBI has taken this action on Paytm Payments Bank due to money laundering and suspicious transactions worth hundreds of crores of rupees between Wallet Paytm and its banking branch. Sources gave this information. Giving information about this in a statement, RBI said that this step has been taken after the comprehensive system audit report and compliance verification report of external auditors. These reports raised concerns regarding persistent non-compliance with regulations and material supervision at the payments bank. RBI had earlier on March 11, 2022, barred PPBL from adding new customers with immediate effect. One97 Communications holds 49 per cent stake in Paytm Payments Bank Ltd but classifies it as its associate and not a subsidiary. Sources said Paytm Payments Bank Ltd (PPBL) had millions of non-KYC (Know Your Customer) compliant accounts and in thousands of cases the same PAN was used to open multiple accounts. Sources said there are instances where the total value of transactions runs into crores of rupees, raising concerns of money laundering. According to an analyst, Paytm Payments Bank has about 35 crore e-wallets.