Key Points
State Bank of India (SBI) is reaching out to merchants to support payment systems in light of the regulatory action on PayTM Payments Bank, chairman Dinesh Khara said..
The nation's largest lender will be happy to welcome merchants and is also open to a one-time migration of accounts from the besieged payments bank, he said...
We are reaching out to all merchants and will be happy to welcome them back to ensure there are no disruptions in the payments ecosystem..
In an order issued on Wednesday, the RBI asked Paytm Payments Bank to stop all basic payment services through various platforms and technology railroads - Unified Payments Interface, IMPS, Aadhaar-enabled payments and bill payment transactions with effect from February 29...
The regulatory action came after the payments bank was found to have violated several rules, including those related to know-your-customer (KYC) documents, which are considered a basic necessity for any financial services firm...
