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Paytm Payments Bank gets Green nod from RBI to restart KYC, reopen e-wallets, and bank accounts

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PAYTM BANK
PAYTM BANK

In recent updates, it has been seen that the Reserve Bank of India has given the go-ahead to restart its business and open fresh e-wallets and accounts to Paytm Payments Bank.

Last year the RBI blocked Paytm Payments Bank to open new accounts and e-wallets after the One97 Communications and Vijay Shekhar Sharma co-owned firm violated know-your-customer (KYC) norms.

As per the rules of maintaining an upper limit of Rs 1 lakh per account at the end of the day, paytm failed to maintain the same.

Also, Paytm has been unable to sustain a net worth of Rs 100 crore as stated in a report citing RBI’s response to an RTI filed by the newspaper.

With RBI’s grant Paytm Payments Bank has been planning to begin the KYC process for respective customers associated with its wallets and bank accounts.

Satish Gupta, CEO, Paytm Payments Bank voiced,

“Paytm Payments Bank is on a mission to facilitate the last-mile delivery of banking services to every Indian. It also envisions the digital adoption and acquainting more people with the touch-of-a-button experience. believe it is going to help in the formalisation of our economy and bring about the much-needed real financial inclusion.”

Nevertheless, following RBI’s obstruction to open new accounts and e-wallets, Paytm Payments Bank removed Renu Satti from the position of CEO and hired Satish Gupta. 

Satish Gupta is a doyen banker with about 32 years of experience in State Bank of India. He has also served as Chief Project Officer with National Payments Corporation of India (NPCI).

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