CURRENT AFFAIRS

Detailed explanation-1: -executives quit Paytm Bank. According to the most recent Hurun List, Paytm Mall, the eCommerce branch of digital payments giant Paytm, is valued at less than $1 billion. According to the research, the company was valued at $3 billion in 2020.

Detailed explanation-2: -“Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers, ” the central bank said in a statement.

Detailed explanation-3: -Paytm cited personal commitments and other pre-occupations as the reason for his resignation. One97 Communications Ltd, the parent company of fintech major Paytm, on Tuesday said that its director Munish Ravinder Varma has resigned.

Detailed explanation-4: -According to a report in the Mint, Abhishek Arun, chief operating officer (COO) of Paytm Payments Bank; Renu Satti, COO, offline payments; and Abhishek Gupta, senior vice-president and COO, lending, have left the firm.

Detailed explanation-5: -Paytm Wallet is issued by Paytm Payment Bank, hence all legal terms and conditions mention PPBL. Paytm Payments Bank is India’s only mobile-first bank with zero balance-zero digital transaction charge. Paytm offers Paytm wallet and Savings bank account from Paytm Payment bank.