Paytm Payments Bank Crisis: A brief timeline of what has happened so far

January 31

The RBI asks PPBL to stop accepting deposits and halt credit transactions in customer accounts, prepaid instruments, wallets, FASTags, NCMC cards after February 29, 2024.

February 1

In an investor conference call, the company management says that its lending partners have requested clarity on the RBI notification.

February 8

RBI Governor Shaktikanta Das, while addressing the monetary policy press conference, says all of the regulators actions are driven by the need to ensure systemic stablity and protect depositors and customers interests.

February 9

The board of Paytm backer One97 Communications Ltd forms a panel headed by N.Damodaran, a former chairman of market regulator securities and Exchange Board of India, to advise Paytm Payments Bank Ltd on compliance and regulation.

February 12

RBI Governor Shaktikanta Das says that the central will not review the actions it has taken against Paytm Payments Bank.

February 16

The RBI issues its FAQs on the Paytm issue and extends the deadline for Paytm Payments Bank Ltd (PPBL) to stop accepting fresh deposits and credit transactions to March 15 from February 29.

February 23

The RBI says it has advised the National Payments Corporation of India (NPCI) to examine a request by One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TRAP) for the UPI channel.

February 27

Paytm founder Vijay Shekhar Sharma resigned as non-executive chairman and board member of its payments banks unit.

Deadline extension likely

The NHAI is likely to extend the deadline for completing FASTag KYC to March-end. Fastags that were not KYC-compliant were set to be deactivated after Februay 29. However, due to reported problems faced by Paytm FASTag users, the NHAI is contemplating extending the deadline by a month.