Paytm shares had tanked over 40% since then, rebounding solely this Tuesday. (File)
New Delhi:
The Paytm chief government was advised the federal government has no position to play in reference to the most recent RBI restrictions when he went to satisfy Finance Minister Nirmala Sitharaman yesterday, stated individuals aware of the matter.
Vijay Shekhar Sharma is in fire-fighting mode after the Reserve Bank of India final week requested Paytm to cease its in style digital pockets, deposits and credit score merchandise.
Paytm shares had tanked over 40% since then, rebounding solely this Tuesday.
Mr Sharma’s assembly with Ms Sitharaman lasted for 10 minutes and he was advised the federal government has no position to play on this matter, stated authorities sources.
Paytm has been requested to kind out the problem with RBI and adjust to their tips, they added.
Mr Sharma additionally met RBI officers yesterday to debate the regulatory considerations, sources stated.
The RBI barred Paytm Payments Bank Ltd final Wednesday (January 31) from accepting deposits or permitting credit score transactions, or top-ups, in buyer accounts or pay as you go devices – comparable to wallets and FASTags – linked to these accounts, after February 29. However, prospects will be capable of make the most of balances from their accounts with none restrict, the RBI order stated.
The RBI has additionally terminated the nodal accounts of Paytm’s mother or father firm, One97 Communications Ltd, and Paytm Payments Bank Ltd.
Paytm Payments Bank has assured its prospects that their cash is “safe”, however they will not be capable of deposit cash of their accounts or wallets after February 29. But the app will hold working past that as regular, Mr Sharma has stated.
