Monday, April 15, 2024
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RBI, however, did not name the card network but said that only one card network has operationalised this arrangement of enabling businesses to make card payments through certain intermediaries to entities that do not accept card payments.

The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank.

Reserve Bank earlier said that the particular action is against Paytm Payments Bank and is not to be confused with Paytm App...The app is not impacted by this action.

The Reserve Bank's action against Paytm Payments Bank Ltd (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors