PTM Payments Bank in Trouble: Founder Vijay Sharma Resigns from Board

TLDRPTM Payments Bank, once a leader in digital payments in India, is facing regulatory trouble. Founder Vijay Sharma has resigned from the board but it remains to be seen if this will appease the regulators. The Reserve Bank of India has raised concerns about customer verification, balance maintenance, and the separation of operations. The bank has been ordered to halt all banking activities, including new deposits and credit transactions, by March 15th. The future of PTM Payments Bank is uncertain as it attempts to address these issues and satisfy the RBI's requirements.

Key insights

🏦PTM Payments Bank, once synonymous with digital payments in India, is facing regulatory trouble.

👨‍💼Founder Vijay Sharma has resigned from the board amid concerns raised by the Reserve Bank of India.

🚫The Reserve Bank of India has ordered PTM Payments Bank to halt all banking activities by March 15th.

🔍The RBI has raised concerns about customer verification, balance maintenance, and the separation of operations.

❓The future of PTM Payments Bank remains uncertain as it attempts to address these issues and satisfy the RBI's requirements.

Q&A

What is PTM Payments Bank?

—PTM Payments Bank is a subsidiary of PTM and was once a leader in digital payments in India.

Why is PTM Payments Bank facing regulatory trouble?

—The Reserve Bank of India has raised concerns about customer verification, balance maintenance, and the separation of operations.

What is the deadline for PTM Payments Bank to halt all banking activities?

—PTM Payments Bank has been ordered to halt all banking activities, including new deposits and credit transactions, by March 15th.

What is the future of PTM Payments Bank?

—The future of PTM Payments Bank remains uncertain as it attempts to address the raised concerns and satisfy the requirements of the Reserve Bank of India.

Is PTM Payments Bank still operational?

—PTM Payments Bank is still operational but has limited functionalities and activities as it works towards complying with the RBI's orders.

Timestamped Summary

01:27PTM Payments Bank, once a leader in digital payments in India, is facing regulatory trouble.

04:21Founder Vijay Sharma has resigned from the board amid concerns raised by the Reserve Bank of India.

06:00The Reserve Bank of India has ordered PTM Payments Bank to halt all banking activities by March 15th.

08:38The RBI has raised concerns about customer verification, balance maintenance, and the separation of operations.

11:41The future of PTM Payments Bank remains uncertain as it attempts to address these issues and satisfy the RBI's requirements.

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