Gaurav Gupta, an employee of Paytm Payments Bank, Indore, hanged himself on 26 February at his home. The reason? Well, it was the stress and anxiety resulting from the fear of job loss that drove him to take this extreme step say reports.
Thirty-five year old Gupta left no suicide note but it was known that the past few days had been very stressful for him fearing that the company would be closed down.
Paytm Payments Bank has been stopped by the Reserve Bank of India (RBI) from accepting deposits and credits from customers from 15 March onwards. This is due to Paytm being non-compliant and due to material supervisory concerns. Paytm’s business will, in all probability, be moved to other banks.
In fact, in early February, RBI had asked customers and those trading with Paytm Payments Bank to move their accounts to other banks by 15 March, 2024. The Paytm Payments Bank reportedly has about 30 crore wallets and caters to three crore customers.
Earlier, the deadline was 29 February, but an extension of two weeks was granted by the RBI, so that customers can conveniently make the shift happen.
The RBI has also advised the National Payments Corporation of India (NPCI) to look at ways to shift Paytm customers to other banks with the help of the UPI handle ‘@paytm’. It is hoped that this will facilitate the whole transition process with minimal disruption. In all probability, Paytm will tie up with the State Bank of India (SBI), Axis Bank, Yes Bank and HDFC Bank for the same.
