Manju Agarwal resigned
Manju Agarwal, was an independent director of Paytm Payments Bank. The Paytm latest news is all about this. It is rumoured to have quit the board following the imposition of operational limits by an RBI decision.
As per an insider, the latest news of Paytm that Agarwal’s resignation became effective on February 1. “Paytm Payments Bank independent director Manju Agarwal has resigned from the company’s board after RBI order,” according to a source. A message made to PPBL via email received no response.
This Paytm Payments Bank was instructed in the latest news by the Reserve Bank of India on January 31 to cease taking transactions or top-ups in user accounts, wallets, FASTags, and other devices after the 29th of February.
Paytm Payments Bank Limited
One97 Communications Limited (OCL) is associates with Paytm Payments Bank Ltd (PPBL). One97 Communications personally and through its subsidiary owns 49% of PPBL’s paid-up capital stock. At the bank, Vijay Shekhar Sharma owns a 51% share.
The central bank in the latest news stated that harsh steps against the fintech were the result of Paytm’s ongoing disregard for the regulatory standards, even after several prods.
On the nineteenth of June the year 2018, the central bank prohibited Paytm Payments Bank from launching any new wallets or accounts due to regulatory issues. With effect from December 31, the year 2018, the central bank withdrew this limitation on December 27.
The Office of Banking Ombudsman issued a show-cause caution on the sixth of March 2019, in reaction to Paytm Payments Bank’s disregard for an account that had an abrupt spike in daily transactions, including rapid transfers to other banks. It was determined that the acts violated the RBI’s KYC regulations.
On the 25th of November 2022, RBI denied Paytm Payments Services Ltd.’s (PPSL) request to function as a payment aggregation.
What bank ordered the company
The banking authority ordered the company to reapply 120 days after receiving government clearance for OCL’s investment into PPSL by FDI requirements. The regulator instructed PPSL to carry on with business as usual, provided that no additional merchants sign up.
Once the 120 days had passed, RBI gave PPSL another extension, but this time they left the barrier to new merchant registration in place.
The RBI discovered that PPBL had violated the regulatory cap on the end-of-day amount. In some user advance accounts that were using payout services. In addition to failing to monitor payout activities and conduct risk profiling of companies using payout services.
As per the findings of the banking regulators, PPBL failed to execute device binding control. It procedures linked to the ‘SMS delivery receipt check’ and submitted a cyber security event with delay.
The infrastructure for the PBL video-based user recognition procedure was unable to block access from IP addresses located outside India. Hence, let’s see what happens to this latest news of Paytm when Manju Agarwal resigns.
CNBC-TV18