India’s central Bank, the Reserve Bank of India (RBI) has cracked down on One 97 Communication’s Paytm Payments Bank lately. RBI has imposed several sanctions on the Paytm Payments Bank, citing regulatory concerns. This move could also affect India’s already weary crypto arena as Paytm is one of the prominent modes of payment for crypto purchases.
RBI’s Ban On Paytm And The Aftermath
On January 31, RBI announced a ban on accepting deposits or top-ups to Paytm Payments Bank and its linked services. The regulatory action is attributed to “persistent non-compliance and continued material supervisory concerns” under Section 35A of the Banking Regulation Act, 1949. This move, affecting millions of users, underscores the gravity of the concerns raised by the RBI.
Shortly after these sanctions were announced, One 97 Communications Limited responded by revealing plans to strengthen its ties with leading third-party banks. OCL aims to navigate the ban’s impact by expanding collabo
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