Paytm will keep working beyond February 29, assures founder Vijay Shekhar Sharma
The Reserve Bank of India (RBI) issued a notice on Wednesday, barring Paytm Payments Bank from providing banking services after February 29 due to compliance issues.
Paytm founder Vijay Shekhar Sharma expressed confidence in India’s progress in the digital finance sector and assured users that services tied to Paytm Payments Bank will be transferred to other lenders without disruption.
In a severe blow, the Reserve Bank of India (RBI) issued a notice on Wednesday barring Paytm Payments Bank from providing banking services after February 29, citing compliance issues. Neither the central bank nor Sharma disclosed the exact reason for which the bank faced such stringent penal action.
Following this, the company has been assuring users that all services tied to Paytm Payments Bank will be transferred to other lenders, and services will not be disrupted from March 1.