One of the largest online payment platforms in the country, Paytm, has been given the green signal by the Reserve Bank of India to commence the registration process for new customers. A few months back, the Reserve Bank of India banned the company from registering new customer as they flouted the KYC rules and regulations with regard to the maximum amount a customer can have in his/her account i.e. Rs.1 lakh. The company violated the know-your-customer (KYC) regulations as set by the Reserve Bank of India and failed to maintain a net worth of Rs.100 crore.
According to a source, the RBI did not make Paytm pay a fine for the violations but just blocked the company from adding new customers to its platform. However, the RBI has now given Paytm the green signal to add new customers to its platform. With already 42 million customers on its platform, the company is eyeing 100 million customers by the end of fiscal year 2019. Following the obstruction by the RBI to add new customers to its payments platform, Satish Gupta has taken over as the CEO (Chief executive officer) of the company.
Source: Economic Times