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Paytm Payments Bank Aims for March 2024 Restart Amid Regulatory Hurdles and Positive Financial Outlook

KYCPaytm Payments Bank Aims for March 2024 Restart Amid Regulatory Hurdles and Positive Financial Outlook

The Paytm Payments Bank currently lacks a definite timeline for resuming operations, as it was barred from onboarding new merchants in 2022. Bhavesh Gupta, Paytm’s President and COO, remains optimistic that this embargo will be lifted by March 2024.

In December 2020, One97 Communications Ltd., the owner of the Paytm brand, sought to transfer its payment aggregator services to Paytm to adhere to RBI’s guidelines, but the central bank rejected the application. In November 2022, RBI instructed Paytm to re-submit its application to operate as a payment aggregator. However, the onboarding of online merchants by Paytm was halted until pending approvals, possibly due to violations related to customer verification, data storage, data privacy, and data outsourcing.

Since its inception in 2009, Paytm has raised a total of Rs 38,504 crore from 76 institutional investors, including prominent names such as Alibaba Group, SoftBank Vision Fund, BlackRock, and others.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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