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Showing posts from January 1, 2019

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

In a major relief to Paytm Payments Bank, the Reserve Bank of India (RBI) has given a go ahead to restart its business and open fresh e-wallets and accounts. Photo Credit: Representative Image Paytm Payments Bank has approximately 42 million accounts.    New Delhi:  In a major relief to Paytm Payments Bank, the Reserve Bank of India (RBI) has given a go ahead to restart its business and open fresh e-wallets and accounts, ET reported. Earlier 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. Paytm Payments Bank failed to comply with the rules of maintaining an upper limit of Rs 1 lakh per account at the end of day and has been unable to sustain a net worth of Rs 100 crore, Times of India said in a report citing RBI’s response to an RTI filed by the newspaper. Now with the permission from the RBI, Paytm Payments Bank has been planning t

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