App will continue to work as usual: Paytm payments bank founder
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New Delhi: Paytm Payments bank, founder Vijay Shekhar Sharma said there is a solution for every challenge, referring to the restrictions that RBI imposed on the app.
Taking to social media platform X, Sharma told the users the app will keep working beyond February 29 as usual.
Reserve Bank of India barred Paytm Payments Bank from providing incremental banking services effective March 2024, over concerns of ‘breach of and compliance with regulatory norms’.
‘The Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action,’ RBI was quoted as stating.
Alongside, RBI directed Paytm Bank not to onboard new users from Feb 29, 2024.
Sharma termed the development as ‘challenge’ and hoped for ‘solution’ alongside assuring users that Paytm is ‘sincerely committed to serving the nation in full compliance’, according to NDTV.
Sharma ended the post hoping that India will continue receive accolades in payment innovation, referring to ‘PaytmKaro as the biggest champion of it’.