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RBI strikes Paytm Payments Bank off scheduled banks list; Paytm says UPI, QR and Soundbox services are unaffected

RBI removed Paytm Payments Bank from the Second Schedule of the RBI Act in its 7 October statement, after cancelling its licence from 24 April. Paytm says its UPI, QR, Soundbox, card machine and Payment Gateway services are unaffected.

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The numbers

Figures from Financial Express,

Paytm ended material PPBL arrangements: March 2024
PPBL investment fully impaired as of: 31 March 2024
First RBI onboarding bar: 11 March 2022

Why it matters to operators and investors

Merchants using Paytm UPI, QR, Soundbox, card machines or Payment Gateway need not change anything for now, since Paytm says these services are unaffected by the RBI's 7 October removal of Paytm Payments Bank from the scheduled banks list.

The source

Source Read the source at Financial Express

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