• Source:PTI
Add as a preferred

RBI Bans On Paytm Payment Bank:  The Reserve Bank Of India (RBI) on Wednesday barred Paytm Payments Bank Ltd from accepting deposits in any customer account, prepaid devices, wallets and Fasttags after February 29, 2024.

The Reserve Bank's action against Paytm Payments Bank Limited (PPBL) follows a comprehensive system audit report and subsequent compliance validation report by external auditors.

The reports revealed persistent compliance and continuous material monitoring concerns at the bank, which called for further monitoring measures, the Reserve Bank said in a statement.

"No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashback, or refunds which may be credited anytime," the order said.

Also read: PPF Extension: Know Rules To Extend PPF And How Many Times One Can Get Extension; Details

The central bank said customers should be allowed to withdraw balances from their accounts, including savings bank accounts, current accounts, prepaid devices, FastTags and National Common Mobility Cards, without limit or up to their available balance.

RBI directed PPBL to stop adding new customers in March 2022 with immediate effect.

Also Read: RBI Directs Paytm To Stop Onboarding New Customers For Its Payment Bank Service