Former chairman of SEBI M Damodaran, head of advisory committee set up by One97 Communications said they have been engaging with the group on matters relating to the Advisory Committee's terms of reference.
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 ED has initiated its inquiry against Paytm Payments Bank after the Reserve Bank of India had written to the agency about possible violations of FEMA rules by individuals and companies.
Paytm stated in a blog post that it assures users the services will be available without any disruption. Additionally, it mentioned partnering with other banks to offer services following the RBI directive on its associate PPBL.
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.
An uphill task and a migration nightmare await the fintech giant as it must retain a customer base which chose the platform for the USP that it no longer has
Paytm said PPBL is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible
