RBI stated in an order that Bajaj Housing Finance Limited didn't comply with the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021' issued by the central bank.
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After hiking its repo rate by a cumulative 250 basis points - much less than most of its major peers - the RBI has kept it untouched since February 2023 as inflation largely remained within the bank's 2-6 per cent target range
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Onboarding of new customers by Paytm Payments Bank has been subjected to specific permission granted by RBI since 11 March 2022
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The majority of the job reductions are expected to impact positions not directly involved in customer interactions
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"India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," Paytm founder Vijay Shekhar Sharma said in a post on X
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The consolidated profit after tax grew 39 per cent YoY to Rs 736 crore in Q3 FY24
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“PPBL is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible,” stated PPBL.
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The company has been informed that this does not impact user deposits in their savings accounts, Wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances
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