MAM
Celebrate Akshay Tritiya during lockdown with Paytm Gold & get assured cashback
India's leading financial services platform Paytm today announced that this Akshay Tritiya, Indians can buy gold from the safe confines of their homes and win a chance to earn 100 percent goldback. The company said that Indians do not have to miss celebrating an important festival during the ongoing lockdown to fight COVID-19, as Paytm is allowing citizens to buy gold for as little as Rs 1 which can be bought on the app itself.
Paytm in partnership with MMTC has announced exciting offers allowing customers to buy gold with no minimum quantity restrictions. Starting April 24, customers can avail Sweepstake offer by Paytm wherein one lucky person will win 100% goldback of up to Rs 3000 with assured two percent goldback worth up to Rs. 3000. The offer is valid till April 26, 2020.
Paytm has recorded 90-kilogram gold purchased on its platform via digital gold during the lockdown period. The gold purchased on Paytm comes with best in class quality of 24K 99.99% pure gold from MMTC-PAMP. Customers do not have to worry about the safety of gold they buy on Paytm as it ensures 100% secure and insured storage in Gold Locker facility at no extra cost. The company said that as soon as the government allows movement of non-essential items, customers would have the option of getting the gold delivered to their homes.
Paytm Money Spokesperson said, "Akshay Tritiya is an important Indian festival and buying gold during this period is very auspicious. While we understand that the whole country is under lockdown and most retail stores including gold jewelry outlets are shut to fight COVID-19, we want to ensure that Indian's do not miss the chance to celebrate an important Indian festival and lift their spirits. Paytm's digital gold is the best way to safely celebrate this beautiful festival and also keep their investments safe."
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
