Vikrant Shekhawat : Feb 02, 2024, 11:00 PM
Paytm Payments Bank: There is a possibility of an even bigger punishment for new age industrialist Vijay Shekhar Sharma. Recently, the banking sector regulator Reserve Bank of India has banned almost all the services of Paytm Payments Bank. Now there is news that the Central Bank can cancel their payment banking license. If this happens, then Paytm will not be able to do the work it currently does as a payments bank.According to a news, the Reserve Bank of India is considering revoking the payments bank license of Paytm. The central bank can take this action on Paytm Payments Bank after 29 February 2024. RBI has given time till 29th February only to the common people to withdraw their money from Paytm Payments Bank.Paytm has made serious mistakesIn the news given quoting sources, it has been said that Paytm Payments Bank has committed serious irregularities in violation of the rules. Because of this, RBI is considering taking more strict steps. Paytm Payments Bank has misused the documents of its customers. The central bank has not been informed on time regarding the transactions and has also violated regulatory rules.Paytm will get one last chanceIt is expected that RBI may also step back from its decision to cancel the license of Paytm Payments Bank. Paytm Payments Bank may be given one last chance to present its views, in which it may be asked to make improvements. RBI has not taken any final decision yet. He can take a decision on this only after the reply and representation of Paytm Payments Bank.Paytm Payments Bank service got banned because of thisRBI has currently banned all the services of Paytm Payments Bank, while keeping the services available on Paytm like UPI transaction, bank transfer and mobile recharge operational. The reason for banning Paytm Payments Bank by the Central Bank is ignorance of the rules. Apart from this, his not getting his IT audit done despite repeated requests is also being said to be a major reason for this.