SUMMARY
As per RBI’s annual report, PPBL received an average of 501.86 complaints per branch, with a total of 3,513 recorded complaints
Paytm Payments Bank had the maximum number of complaints per branch, followed by NSDL Payments Bank with 107 and Airtel Payments Bank with 41.52
This comes at a time when RBI governor Shaktikanta Das said that the restrictions imposed on PPBL by the central bank will not affect nearly 80-85% of users on the Paytm app
The Reserve Bank of India (RBI) received 501.86 complaints per branch against Paytm Payments Bank Ltd (PPBL), taking the total tally to 3,513, between April 1, 2022, and March 31, 2023, as per its latest annual report.
This is the highest number of complaints per branch against any payments bank.
Paytm Payments Bank had the maximum number of complaints per branch, followed by NSDL Payments Bank with 107 and Airtel Payments Bank with 41.52.
The complaints were received through offices of RBI Ombudsman (ORBIOs). Nearly, 57.48% of resolved maintainable complaints under RB-IOS, 2021, were settled through mutual agreement, conciliation or mediation, the report said.
Mobile/electronic banking complaints dominated against banks and non-bank payment systems, while non-adherence to fair practices code topped the list for NBFCs.
This comes at a time when the RBI governor Shaktikanta Das said that the restrictions imposed on PPBL will not affect nearly 80-85% of users on the Paytm app.
It is pertinent to note that in January, the RBI prohibited PBBL from accepting deposits, credit transactions, or top-ups in customer accounts after February 29 due to persistent non-compliances and ongoing supervisory concerns. Additionally, PPBL is restricted from offering banking services, including UPI facilities and fund transfers, beyond this date.
However, the RBI later extended this deadline to March 15.
The fintech major has been proactively looking to partner with other banking entities for the PPBL user base since RBI’s action. Last month, Paytm informed in a regulatory filing that it has shifted the nodal account of its parent One 97 Communications to Axis Bank.
Subsequently, it also reportedly signed a deal to move its merchant accounts to Yes Bank.
