Paytm Payments Bank Limited (PPBL) is taking immediate steps to comply with the Reserve Bank of India’s (RBI) directive to address concerns. PPBL assures users that existing deposits in savings accounts, Wallets, FASTags, and NCMC accounts are not impacted. PPBL is expanding partnerships with third-party banks to distribute payments and financial services products. PPBL and Paytm Payments Services Limited (PPSL) plan to transition the nodal account to other banks by February 29, 2024. Paytm will focus exclusively on collaborating with other banks for its payments and financial services business.
Source: Times of India/TOI