Paytm Payments Bank Employee Allegedly Commits Suicide Amid Company Shutdown Rumours

National Desk, 27th February: Tragedy struck in Indore as a 35-year-old employee of Paytm Payments Bank Ltd, Gaurav Gupta, reportedly took his own life by hanging himself, according to police reports.

Preliminary investigations reveal that Gupta was grappling with concerns over potential job loss amidst rumours circulating about the company’s impending shutdown. Police Inspector Taresh Kumar Soni confirmed that the investigation is ongoing, with Gupta’s body discovered at his residence on Sunday. Despite thorough examination, no suicide note was found at the scene, Soni added.

The Reserve Bank of India (RBI) recently imposed a ban on Paytm Payments Bank, prohibiting it from accepting customer deposits and credits beyond March 15. This drastic measure follows persistent non-compliance issues and ongoing material supervisory concerns surrounding the bank’s operations. Discussions are underway regarding the transition of the bank’s business to other financial institutions.

Earlier directives from the RBI urged both customers and merchants of Paytm Payments Bank to migrate their accounts to other banks by March 15, extending the initial deadline from February 29. In a bid to ensure a seamless transition and prevent disruptions in the payment ecosystem, the RBI recommended the National Payments Corporation of India (NPCI) to facilitate the shift of Paytm Payments Bank customers to 4-5 other banks, particularly those using the UPI handle ‘@paytm’.

With 30 crore wallets and 3 crore bank customers, as stated on the Paytm Payments Bank website, the potential collaboration with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank, as reported by Reuters, signals a strategic move to process transactions via the widely utilized unified payments interface (UPI).

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