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Paytm Says No Financial Impact After Paytm Payments Bank Licence Cancelled by RBI
Paytm Says No Financial Impact After Paytm Payments Bank Licence Cancelled by RBI
Paytm says it has no exposure to Paytm Payments Bank and does not have any material business arrangements with the entity.
Paytm on Friday said the cancellation of the banking licence of associate entity Paytm Payments Bank by the Reserve Bank of India (RBI) will have no financial or business impact on the listed company, adding that all Paytm services remain fully operational.
The clarification came in an exchange filing after the company said it was informed by Paytm Payments Bank that the RBI had cancelled its banking licence with effect from the close of business on April 24, 2026.
Paytm said it has no exposure to Paytm Payments Bank and does not have any material business arrangements with the entity. The company added that no services offered by Paytm are run in partnership with the payments bank.
“As previously disclosed on March 1, 2024, the Company does not have any exposure to PPBL or any material business arrangements with PPBL. No services provided by the Company are in partnership with PPBL. Additionally, PPBL operates independently, with no board or management involvement from the Company,” One97 Communications, the parent of Paytm, said in a regulatory filing on Friday evening.
The fintech firm said there is no direct financial impact because it had already impaired its investment in Paytm Payments Bank as of March 31, 2024.
Paytm said its consumer and merchant services will continue without interruption. These include the Paytm app, Paytm UPI, Paytm Gold, Paytm QR, Soundbox devices, card machines, payment gateway services and investment platform Paytm Money, among others.
The company emphasised that Paytm Payments Bank operates independently and that there is no board or management involvement from Paytm. It also said references to the matter should be made only in the context of the payments bank and not attributed to the listed parent company.
The Reserve Bank of India (RBI) on April 24 cancelled the banking licence of Paytm Payments Bank Ltd (PPBL), with immediate effect, according to an official statement. With this move, Paytm Payments Bank can no longer carry out banking business in India. The RBI has also said it will approach the High Court for the winding up of the bank.
According to the statement, the Reserve Bank of India cancelled the licence of Paytm Payments Bank because it found serious problems in how the bank was being run:
Customers’ interests were at risk: The RBI said the bank’s operations were not being conducted in a way that protected depositors and the bank itself.
Management concerns: The RBI found issues with the way the bank’s management was functioning, which it said was against the interests of customers and the public.
No benefit in allowing it to continue: The RBI concluded that letting the bank continue operations would not serve any useful public purpose.
Violation of licence conditions: The bank failed to follow certain rules and conditions under which it had originally received the payments bank licence.
Source: News18.com
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