Paytm Payments Bank licence cancelled; EMI, SIP and OTT auto-debits at risk
RBI has cancelled Paytm Payments Bank's licence, putting auto-debit mandates for EMIs, SIPs, insurance premiums and OTT subscriptions in jeopardy. PPBL says deposits remain secure and will be refunded, but experts urge customers to migrate mandates to other banks immediately to avoid payment failures.
What happened
RBI cancelled Paytm Payments Bank's licence, threatening auto-debit mandates for EMIs, SIPs, insurance, and OTT subscriptions. PPBL says deposits remain secure
Why this matters
Disrupted PPBL mandates open a land-grab window for rival payments banks, NBFCs and PA/PG players to capture displaced auto-debit volumes through expedited partnership and migration deals.
Also reported by
- Moneycontrol — Same time
- Moneycontrol — Same time