India’s Paytm signs new banking partner
- 17 Feb 2024
Photo used for illustrative purpose.
India’s Paytm Payments Bank has been given more time by the central bank to wind down its operations, while its parent company has signed on a new banking partner to try to keep some of its popular products running and survive its current crisis.
The Reserve Bank of India (RBI) in January ordered Paytm Payments Bank, an associate of One 97 Communications (OCL) - also known as Paytm, to stop accepting any fresh deposits in its accounts, or wallets, from Feb. 29. That deadline was extended to March 15, the RBI said on Friday.
“The company (Paytm) has shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before,” Paytm said in a release.