Paytm Payments Bank’s annual reports show the company’s corrective measures taken after the RBI highlighted the issue. The board also said that they were confident that the corrective measure they took would be favored by the authority. Their corrective measures included the IT gaps, KYC processes, and all the other issues the central bank highlighted. The company’s annual report makes it clear that Paytm Payment Bank took the necessary measures to operate as a bank. Paytm Share gains 3% amid Board Expecting Positive Measures from RBI Let us explore more about it below.
Paytm Payments Bank Annual Reports show that the company took the necessary measures as asked by the RBI. Not only did they take the measures, but they also submitted the reports of the same to the RBI for validation. The company prepared its financial report with auditing from its auditors. Apart from that, they also hired an auditor from outside for the same. They said they have confidence that the regulator will announce the answer in favor of these revisions.
Paytm Paytm Bank was barred on 31 January 2024. Under this, the bank had several restrictions to follow and complete below 29 February 2024, mentioning it as the last date. Paytm Payment Bank was not allowed to add any new customers or take any deposits from the customers after 29 February 2024. The RBI’s bar was further extended to other services provided by Paytm such as UPI and FASTag as well. However, the UPI transaction won’t be allowed to the customers transacting through Paytm Payment Bank. There was no say about the Paytm UPI users using the app for transactions through other banks’ accounts by RBI.
Paytm Payment Bank’s new annual report included corrective measures taken in different fields by the government. The bank worked on its IT and KYC processes well. RBI sent the need for the improvement to the bank in October 2022. The bank worked well on it and showed improved results by December 2022. The bank asked for further remedial changes. The company got the chance to do it by 31 March 2023. The bank submitted all the improvements and annual report to the RBI, which is still under observation.
The company’s news went viral all over social media projecting a big loss to the company. People started deleting the app and stopped using their service for fear of losing their money. We will share more information about it and update you as we get to know.