
According to the latest annual report of the Reserve Bank of India (RBI), the RBI received 501.86 complaints per branch against Paytm Payments Bank Ltd (PPBL) between April 1, 2022, and March 31, 2023. These complaints were received through the offices of RBI Ombudsman (ORBIOs). This is the highest number of complaints per branch against any payments bank.
The RBI recorded a total of 3,513 complaints against PPBL during the same period.
Paytm Payments Bank had the highest number of complaints among payments banks, followed by NSDL Payments Bank with 107.00 complaints per branch and Airtel Payments Bank with 41.52 complaints per branch.
Complaints Among Payments Banks
The RBI annual report also revealed that Paytm Payments Bank had the highest number of complaints among payments banks. NSDL Payments Bank followed with 107.00 complaints per branch, and Airtel Payments Bank reported 41.52 complaints per branch.
On the other hand, state-owned India Post Payments Bank (IPPB) reported the lowest number of complaints per branch at 0.56.
Business Restrictions Imposed on PPBL
On January 31, the RBI imposed business restrictions against Paytm Payments Bank Ltd (PPBL) due to major rule breaches. The RBI gave the firm until March 15 to wind down its business.
It is worth noting that the RBI had found several issues with PPBL, including inoperative Paytm Wallets, cases of a single PAN card linked to thousands of accounts, absence of KYC for lakhs of accounts, violation of KYC-anti money laundering rules, false compliance reports, and violation of licensing conditions.
These issues prompted the RBI to impose supervisory restrictions on PPBL in March 2022, which included stopping the onboarding of new customers and conducting a comprehensive system audit.
Conclusion
Paytm Payments Bank Ltd (PPBL) received the highest number of complaints per branch among payments banks, according to the latest RBI annual report. The RBI imposed business restrictions on PPBL due to major rule breaches. It is important for financial institutions to prioritize regulatory compliance to ensure the trust and satisfaction of their customers.
Why is RBI targeting paytm the biggest competitor to JIO fin.Which banks doesn’t receive complaints?A big customer base with new tech digital obvious to receive complaint.Im using Paytm for 15 Years no complaints till date