Brief by Shorts91 Newsdesk / 07:05am on 07 Feb 2024,Wednesday Business
Paytm CEO Vijay Shekhar Sharma engaged in discussions with Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) officials following the RBI's ban on Paytm Payments Bank (PPBL). The RBI's directive, issued on January 31, prohibits PPBL from accepting deposits or top-ups after February 29, 2024, due to compliance issues. Sharma, also the part-time Chairman of PPBL, sought relaxations on the regulatory action during his meeting with RBI officials. The move comes amidst Paytm's stock decline and speculation regarding Jio Financial's interest in acquiring PPBL's wallet business, which Paytm denies. Paytm's parent company, One97 Communications Ltd, aims to transition its nodal accounts and QR codes to other banks.
