- By Aditya Pratap Singh
- Wed, 31 Jan 2024 06:56 PM (IST)
- Source:JND
RBI Bans on Paytm Payment Bank: The Reserve Bank of India (RBI) barred Paytm from onboarding new customers for its 'Paytm Payment Bank' service. The central bank also asked the online service provider to stop depositing or allowing credit transactions, or top-ups, in existing customers' accounts.
However, RBI allows existing customers to utilise remaining balances from their accounts. Customers can withdraw money from the Paytm Payment Ban account up to their available limit.
Also read: RBI Directs Paytm To Stop Onboarding New Customers For Payment Bank Service
Meanwhile, Amid the RBI's restriction, many existing customers might start worrying about their funds in 'Paytm Payment Bank'. As RBI made it clear that the existing customers can utilise their balance, the customers do not have to worry. They can transfer their money to any bank account, they can make payments using it.
How To withdraw money from Paytm Payment bank
- If You have registered a UPI with it, you can transfer money by scanning the QR code.
- You can transfer money to any bank account using the account number and IFSC code.
Note: The transferable amount should not be more than the limit set by Paytm Payment Bank.
Why RBI take such action
The ints order said that it has found non-compliance and material supervisory concerns in the bank after a comprehensive audit done by external parties. Earlier, the Reserve Bank asked PPBL to stop adding new customers in March 2022 with immediate effect.
