Paytm to stop working after Feb 29- said by RBI
On the morning of February 1, Paytm Payments Bank Limited promptly addressed a statement, affirming their commitment to swiftly adhere to the RBI's directives. PPBL emphasized their immediate actions, collaborating closely with the RBI to expeditiously address and resolve any concerns raised.
Additionally, the company disclosed a strategic shift involving One97 Communications Limited (OCL). Henceforth, OCL, a payments company with diverse collaborations, will discontinue its association with Paytm Payments Bank and exclusively engage with alternative banks. This shift has been in progress since the initiation of the embargo, with OCL having commenced collaboration with various banks beyond Paytm Payments Bank. Accelerating these plans, OCL is set to completely transition its operations to alternative bank partners.
In a press release, OCL articulated its vision for the upcoming phase, revealing an exclusive commitment to collaborating with other banks. The company expressed its dedication to expanding its payments and financial services business solely through strategic partnerships with alternative banking entities. This announcement marks a significant evolution in OCL's trajectory and underscores their commitment to fostering collaborative ventures in the financial services sector.
