Fearing job loss, Paytm Payments Bank employee commits suicide: Report
The Reserve Bank of India has barred Paytm Payments Bank from accepting deposits and credits from any customer after March 15 for persistent non-compliance and continued material supervisory concerns in the bank.
- Feb 26, 2024,
- Updated Feb 26, 2024 10:52 PM IST
A 35-year-old staffer of Paytm Payments Bank Ltd allegedly committed suicide by hanging himself in Indore prima facie due to stress over potential job loss, news agency PTI reported on Monday, citing police.
"As per the preliminary investigation, Paytm staffer Gaurav Gupta was under stress for the last few days fearing that the company might close down and he might lose his job. We are investigating," police inspector Taresh Kumar Soni was quoted as saying by the news agency.
Gupta allegedly hanged himself at his house on Sunday, the police said. Police have not found any suicide note from the spot, Soni added.
The Reserve Bank of India has barred Paytm Payments Bank from accepting deposits and credits from any customer after March 15 for persistent non-compliance and continued material supervisory concerns in the bank. Its business are likely to be shifted to other banks for which discussions are underway.
Earlier this month, the bank regulator asked customers as well as merchants of Paytm Payments Bank to shift their accounts to other banks by March 15.
The earlier deadline was February 29, which the RBI has extended by 15 days, keeping in view the interest of customers.
On Friday, the Reserve Bank advised the National Payments Corporation of India (NPCI) to examine the possibility of migrating Paytm Payments Bank customers using the UPI handle '@paytm' to 4-5 other banks, in a bid to prevent any disruptions in the payment ecosystem.
As per the website of Paytm Payments Bank, it has 30 crore wallets and 3 crore bank customers.
Reuters reported on Monday that Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank for processing transactions via the popular unified payments interface (UPI).
A 35-year-old staffer of Paytm Payments Bank Ltd allegedly committed suicide by hanging himself in Indore prima facie due to stress over potential job loss, news agency PTI reported on Monday, citing police.
"As per the preliminary investigation, Paytm staffer Gaurav Gupta was under stress for the last few days fearing that the company might close down and he might lose his job. We are investigating," police inspector Taresh Kumar Soni was quoted as saying by the news agency.
Gupta allegedly hanged himself at his house on Sunday, the police said. Police have not found any suicide note from the spot, Soni added.
The Reserve Bank of India has barred Paytm Payments Bank from accepting deposits and credits from any customer after March 15 for persistent non-compliance and continued material supervisory concerns in the bank. Its business are likely to be shifted to other banks for which discussions are underway.
Earlier this month, the bank regulator asked customers as well as merchants of Paytm Payments Bank to shift their accounts to other banks by March 15.
The earlier deadline was February 29, which the RBI has extended by 15 days, keeping in view the interest of customers.
On Friday, the Reserve Bank advised the National Payments Corporation of India (NPCI) to examine the possibility of migrating Paytm Payments Bank customers using the UPI handle '@paytm' to 4-5 other banks, in a bid to prevent any disruptions in the payment ecosystem.
As per the website of Paytm Payments Bank, it has 30 crore wallets and 3 crore bank customers.
Reuters reported on Monday that Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank for processing transactions via the popular unified payments interface (UPI).