Paytm KYC gets green signal by RBI

New Delhi: It is a major relief for Paytm Payments Bank, as Reserve Bank of India (RBI) has given a green signal to restart their business and open fresh e-wallets and accounts. End of last year, RBI had blocked Paytm Payments Bank to open new accounts and e-wallets after the One97 Communications and Vijay Shekhar Sharma co-owned firm violated the ‘know-your-customer’ (KYC) norms.

Paytm Payments Bank failed to comply with the rules of maintaining an upper limit of Rs 1 lakh per account at the end of day and has been unable to sustain a net worth of Rs 100 crore.

Now, with the permission from the RBI, Paytm Payments Bank has been planning to begin the KYC process for respective customers associated with its wallets and bank accounts.