Paytm users should not worry, the app will work in March also, State Bank extended a helping hand! Know the whole thing
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Paytm Will Work in March: After the RBI ban on Paytm, on one hand the company’s share prices are going to hell. On the other hand, lakhs of users of the company are in great trouble. It is being told that State Bank of India can extend a helping hand to Paytm. SBI said that it is ready to help those customers of Paytm who will be affected after the order of Reserve Bank of India from March 1. RBI has directed Paytm Payments Bank Limited not to accept deposits or top-up in any customer account, prepaid instrument, wallet and Fastag after February 29.
No plan to come directly: Chairman
SBI Chairman Dinesh Kumar Khara said that if RBI cancels the license of the payment bank, then ‘we have no plans’ to come directly to save it. Khara, however, added that the bank will be ready if any instructions are received from RBI. However, he did not elaborate on this. Asked if SBI had any connection with the fintech firm, he said it was nothing beyond the settlement. Asked if the bank is ready to help the millions of Paytm customers who are merchants, he said absolutely… Our subsidiary SBI Payments is already in touch with these merchants, and we will help them at any time. Are ready for. He said that we are ready to provide them our POS machines and meet all other payment requirements that they face.
Paytm’s 31 crore customers upset
According to an analyst, Paytm Payments Bank has about 35 crore e-wallets. Of these, about 31 crore are inactive, while only about four crore will be active with no balance or very low balance. Sources said an unusually large number of inactive accounts are suspected to be being used for fake accounts. In such a situation, there have been major irregularities in KYC, due to which customers, depositors and wallet holders had to face serious risks. Sources said the compliance submitted by the bank was found incomplete and incorrect on several occasions. Following the RBI directive, shares of One97 Communications Limited, which owns the Paytm brand, have fallen 40 percent in the last two days.
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