One 97 Communications Ltd (OCL), which operates popular fintech brand Paytm, on Monday said that its associate bank Paytm Payments Bank Limited, has reconstituted its Board of Directors.
None of the startup founders and fintech entities who were part of the meeting with Finance Minister Nirmala Sitharaman on Monday showed anxiety or concerns about the Paytm matter, according to sources.
Reserve Bank of India Governor Shaktikanta Das said on Thursday that all its actions, including certain restrictions it imposed on Paytm's associate bank, are in the best interest of the public.
Paytm, the pioneer of QR and mobile payments in India, has said that its app is working and will continue to work after February 29 as well, adding that the directive issued by the Reserve Bank of India (RBI) will affect only its associate bank and not the fintech company.
No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime.
In what has become a huge catalyst towards promoting as many transactions that can take place through digital means, the Digital India campaign has empowered the common citizen with the widespread use of technology on that front.