Day after RBI order, Paytm says it will ‘accelerate’ work with other banks

A day after the Reserve Bank of India (RBI) barred Paytm Payments Bank from accepting fresh deposits from February 29, the company’s parent, One 97 Communications Limited (OCL), said that it is already working with other banks and will accelerate its plans and completely move to third-party partners.

In a regulatory filing, the company said, “OCL, as a payments company, works with various banks (not just Paytm Payments Bank), on various payments products.”

“We now will accelerate the plans and completely move to other bank partners. Going forward, OCL will be working only with other banks, and not with Paytm Payments Bank Limited.