Paytm has stopped enrolling new users with immediate effect: Here's the reason
Paytm has stopped the enrolment of new customers on its platform, following observations made by the RBI (Reserve Bank of India), four people with knowledge of the matter have reportedly said.
According to a report, Paytm stopped enrolling new customers on June 20, following an audit by the RBI, which made certain observations about the process the company follows in acquiring new customers and its adherence to know-your-customer (KYC) norms, three of the four people said, requesting anonymity.
Additionally, Paytm is modifying its “account opening process to introduce ‘current accounts’ due to which new account creation process has been currently paused.
Recently, Paytm Payments Bank CEO Renu Satti has resigned from the role and will now head Paytm's new retail initiative. The company will look for a replacement for Satti, who had taken over the CEO role last year.
"Renu Satti will be leading the charge as COO of this new (retail) initiative... She has already resigned from Paytm Payments Bank CEO position and the Bank will soon be recruiting a new CEO," Paytm said in a statement.
In the past, Satti has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank. "She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch," the company said.
Under its 'New Retail' model, consumers will soon be able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries.
Paytm is also building P2P logistics with a network spread across the country which will be utilized for intra-city deliveries, the statement said. The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting Payments and will soon extend New Retail' services to them, it added.
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