RBI’s Update on Paytm Payments Bank Limited doesn’t impact Paytm Money1 min read
Dear Valued Client,
We take this opportunity to provide you with details regarding the RBI press release dated January 31, 2024, pertaining to our associate company, Paytm Payments Bank Ltd. (PPBL).
At the outset, we would like to assure you that the said press release and the action taken by RBI, do not have any impact either on the operations of Paytm Money Ltd. (PML) or on your investments with PML in Equity, Mutual Funds or NPS.
- At PML, building and protecting wealth for millions of Indians in a simple and transparent manner has always been our mission. In line with this mission, we would like to highlight that:
- PML is regulated by SEBI and is fully compliant with all the applicable regulatory norms and guidelines.
- Your equity, bonds, and ETFs are all secured in your CDSL Demat Account, and transactions relating to them can only be done with your authorization.
- Your Mutual Fund/SIP investments are with respective AMCs, and you can continue to invest/redeem them as usual through our platform.
- Funds that are transferred to PML’s trading account are, as per SEBI regulations, up-streamed (transferred) to Indian Clearing Corporation Ltd. (ICCL) of BSE and are thus lying with the ICCL under your name.
In summary, you can continue investing & trading as usual, knowing we are here to protect your wealth and continue to democratize wealth management.
For investors who have set PPBL as their default account, you will need to change it before February 29, 2024, with the simple addition of an alternate bank. We will communicate the specific process for the same separately and help you get this done
We appreciate your continued trust and support. If you have any questions, please do not hesitate to contact us at firstname.lastname@example.org.
Team Paytm Money