QR Codes Secure: RBI Calms Fears!
In a bid to alleviate concerns arising from the recent regulatory actions against paytm Payments bank, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) has assured that Paytm's essential services, including its QR code, sound box, and card machine functionalities, will continue without disruption. The central bank's intervention comes after market speculations regarding the potential impact on these services following RBI's actions against Paytm.
The RBI Governor, Shaktikanta Das, had previously indicated that the regulatory actions against Payments bank would not be reconsidered. However, the central bank has extended the deadline for the ban on accepting deposits from february 29 to march 15. Moreover, the RBI has issued Frequently Asked Questions (FAQs) to address customer concerns and provide solutions. Importantly, the FAQs clarify that Paytm's merchant payment services will continue beyond march 15.
Paytm, a prominent player in the fintech sector, filed information with the exchange, assuring that merchants can expect uninterrupted operations of QR codes, sound boxes, and card machines. The company has strategically partnered with Axis bank to facilitate seamless merchant settlements, reinforcing its commitment to providing reliable services.
Historically, paytm experienced substantial growth in the QR and mobile payments sector, particularly after the demonetization drive in India. The company, having garnered significant profits and establishing a vast network of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment solutions with millions of merchants, has data-faced a setback with the recent regulatory actions taken by the RBI against paytm Payments Bank.
The RBI Governor, Shaktikanta Das, had previously indicated that the regulatory actions against Payments bank would not be reconsidered. However, the central bank has extended the deadline for the ban on accepting deposits from february 29 to march 15. Moreover, the RBI has issued Frequently Asked Questions (FAQs) to address customer concerns and provide solutions. Importantly, the FAQs clarify that Paytm's merchant payment services will continue beyond march 15.
Paytm, a prominent player in the fintech sector, filed information with the exchange, assuring that merchants can expect uninterrupted operations of QR codes, sound boxes, and card machines. The company has strategically partnered with Axis bank to facilitate seamless merchant settlements, reinforcing its commitment to providing reliable services.
Historically, paytm experienced substantial growth in the QR and mobile payments sector, particularly after the demonetization drive in India. The company, having garnered significant profits and establishing a vast network of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment solutions with millions of merchants, has data-faced a setback with the recent regulatory actions taken by the RBI against paytm Payments Bank.