CURRENT AFFAIRS

Detailed explanation-1: -To increase its payment bank consumers, Paytm Payments Bank has tied up with IndusInd Bank to introduce a linked Fixed Deposit. As per Paytm official blog, the offering will prioritize convenience and flexibility.

Detailed explanation-2: -Ganesh Ananthanarayanan-Chief Operating Officer, Airtel Payments Bank said, “A key ask from our customers was the need for a fixed deposit solution to go with our convenient payments bank proposition. We are delighted to partner with IndusInd Bank to offer Fixed Deposits facility to our customers.

Detailed explanation-3: -The Reserve Bank of India (RBI) in March had barred Paytm Payments Bank from onboarding new customers, citing “material supervisory concerns” observed at the bank. The regulator has also directed the bank to appoint an information technology (IT) audit firm to conduct a comprehensive system audit of its IT system.

Detailed explanation-4: -“The RBI has, today, in exercise of its powers, inter alia, under Section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank to stop, with immediate effect, onboarding of new customers, ” it said.