Paytm employee dies by suicide in Indore fearing job loss

A Paytm Payments Bank Ltd employee, aged 35, reportedly committed suicide in Indore by hanging himself, as per agency reports citing police.

The preliminary investigation suggests that Gaurav Gupta, the deceased, was worried about potential job loss due to rumours of company shutdown.

Police inspector Taresh Kumar Soni confirmed the investigation is ongoing. Gupta's body was discovered at his residence on Sunday. No suicide note was found at the scene, added Soni.The Reserve Bank of India (RBI) has imposed a ban on Paytm Payments Bank, prohibiting it from accepting deposits and credits from customers after March 15.

This action is due to the bank's persistent non-compliance and ongoing material supervisory concerns. Consequently, the bank's business is expected to transition to other banks, with discussions currently in progress.

Earlier this month, the RBI advised both customers and merchants of Paytm Payments Bank to transfer their accounts to other banks by March 15. The initial deadline for this was February 29, but the RBI extended it by 15 days, considering customer interests.

On Friday, the Reserve Bank suggested the National Payments Corporation of India (NPCI) to consider the shift of Paytm Payments Bank customers using the UPI handle '@paytm' to 4-5 other banks. The intent is to avoid any disruptions in the payment ecosystem.

According to the Paytm Payments Bank website, it holds 30 crore wallets and 3 crore bank customers. On Monday, Reuters reported that Paytm might collaborate with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank to process transactions through the widely used unified payments interface (UPI).

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