Amid fears of job loss, Paytm field manager hangs himself in Indore

An employee of Paytm Payments Bank Limited, aged 35, allegedly committed suicide by hanging himself in Indore, the agency reported, citing police.
Preliminary investigations revealed that the deceased Gaurav Gupta was worried about possible job loss due to rumors of closure of the company.
Police Inspector Taresh Kumar Soni confirmed that investigations are on. Gupta’s body was found at his residence on Sunday.
Soni added that no suicide note was found at the crime scene. The Reserve Bank of India (RBI) has banned Paytm Payments Bank, prohibiting it from accepting deposits and credit from customers after March 15.
The action is due to the bank’s continued non-compliance and ongoing content monitoring concerns. Consequently, the bank’s business is expected to shift to other banks, which is currently under negotiation.

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).