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The RBI on Friday asked <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> to stop opening new accounts amid “material supervisory concerns” observed in the bank. “Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank Ltd to stop, with immediate effect, onboarding of new customers,” the central bank said in a statement. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system. “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors. This action is based on certain material supervisory concerns observed in the bank,” it said. Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017 from a branch in Noida. In December 2020, the RBI had barred HDFC Bank from launching any new digital products or services and issuing new credit cards till the lender resolved recurring tech issues. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/info-edges-latest-acquisition-aisle-explains-why-it-was-difficult-for-them-to-raise-funds/articleshow/90145724.cms">INTERVIEW: Info Edge’s latest acquisition Aisle’s founder explains why it was difficult for him to raise funds</a> <a href="https://www.businessinsider.in/business/startups/news/boat-has-rejigged-its-entire-upper-management-in-the-run-up-to-the-ipo/articleshow/90140785.cms">BoAt has rejigged its entire upper management in the run up to the IPO</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-colgate-lupin-among-hot-stocks-to-watch-out-for-on-march-11/slidelist/90139884.cms">Wipro, Colgate, Lupin among hot stocks to watch out for on March 11</a>

RBI stops Paytm Payments Bank from opening new accounts

The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has given permission to digital mobile wallet <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> to officially launch its <keyword id="2324069" type="UNKNOWN" weightage="20" keywordseo="Payments-Bank">payments bank</keyword>. The central bank had in-principle approved the <keyword id="3236791" type="UNKNOWN" weightage="20" keywordseo="Paytm-payments-bank">Paytm payments bank</keyword> last year in August. 
 In a blog, Paytm’s <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> wrote the Paytm Payments Bank will build a new business model in banking industry. 
 
Paytm has been hogging headlines, especially after demonetisation. Now, it is also likely that Sunil Munjal and Saroj Poddar will buy a stake in Paytm, which may touch valuation of $6 billion if all goes well. 
 
Meanwhile, the payments bank will be another feather in Paytm’s hat. Paytm has been hiring in the top order for it. 
 
Post formal nod by RBI for payments bank, Here’s what Sharma wrote in his blog: 
 
Today, Everything changes, Again. 
From Payments to Payments Bank. 
Exactly three years ago, on January 3rd 2014, we launched our mobile wallet — Paytm. Today, Paytm has become the category leader and changed the way India pays. 
From villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone embraced the new way to pay by Paytm. 
Now, we are embarking on a new and even more exciting journey. 
Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you. 
At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of un-served or underserved Indians. 
With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. 
This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. 
In this journey, we will keep our heads down, work harder, and remember these three guiding principles: 
 
 
 
 
 India, let’s build it together.

Paytm gets permission to launch Paytm Payments Bank. Here’s what Vijay Shekhar Sharma said

<keyword id="3920057" type="COMPANY" weightage="20" keywordseo="Paytm-Payments-Bank-Ltd">Paytm Payments Bank Ltd</keyword> (PPBL) on Tuesday said its net profit in fiscal year 2019-20 grew to Rs 29.8 crore from Rs 19.2 crore in the previous fiscal, translating into a growth of over 55 per cent. The bank said its annual revenue also showed a sharp increase and crossed Rs 2,100 crore mark in FY20 from Rs 1,668 crore in the previous fiscal. The bank attributed the growth to "higher customer acquisition in smaller cities and towns". "We have continued to lead digital banking in India and have constantly improved upon our own benchmark for performance. In FY20, we have registered growth across all parameters, including the number of account holders, saving account deposits, fixed deposits and transactions," PPBL MD and CEO Satish Kumar Gupta said. The focus remains on launching innovative products and services to accelerate financial inclusion in the country, he added. "The bank has facilitated more than 485 crore transactions worth Rs 4.6 lakh crore. Domestic money transfers have accounted for about Rs 29,000 crore, which is significant growth from last fiscal year," the bank said in a statement. The base of current and savings account holders increased to over 58 million, helping the bank double its deposits in savings accounts to over Rs 1,000 crore compared to last year, it added. PPBL also said it will launch cheque book facility for all account holders, and customers can order cheque books through their app. They would need to upload their signature and supporting documents on the 'Cheque Book' section, select the variant (10 or 25 leaves) and submit their request after payment. Once requested, the cheque book would be delivered at the KYC address within 7-10 working days. Bank customers will also be able to track the status of issued cheques on their app. In FY20, PPBL had over 5.8 crore digital debit card holders, it said. <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> holds 51 per cent share in PPBL, while the rest is held by One97 Communications.

Paytm Payments Bank posts a 55% jump in profits for FY20

<keyword id="3236791" type="UNKNOWN" weightage="100" keywordseo="Paytm-payments-bank">Paytm Payments Bank</keyword> has become operational from today onward and your current <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> wallet has been moved to the <keyword id="2324069" type="UNKNOWN" weightage="20" keywordseo="Payments-Bank">payments bank</keyword>. Now, your Paytm wallet will operate under the Paytm Payments Bank and will continue to work in the manner as earlier and your login details will remain the same. <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>’s Paytm Payments Bank got approval from the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) in January this year. Payments banks is a new model of banks conceptualised by the RBI and can accept a restricted deposit, which is currently limited to Rs 1 lakh per customer and may be increased further. These banks cannot issue loans and credit cards. Under the Paytm Payments Bank, which is dubbed as India’s first bank with zero charges on online transactions, will have zero minimum balance requirement and issue free virtual debit card. Paytm became a household name after demonetisation as many Indians moved to the digital wallet and made maximum transactions. Now that the digital wallet has become a payments bank, here’s everything you should know

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RBI stops Paytm Payments Bank from opening new accounts

PTI

Paytm gets permission to launch Paytm Payments Bank. Here’s what Vijay Shekhar Sharma said

BI India Bureau

Paytm Payments Bank posts a 55% jump in profits for FY20

PTI

Paytm Payments Bank becomes operational from today; 10 things you must know

Akanksha Jain

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