RBI stops Paytm Payments Bank from accepting deposits after February 29


PTI, Jan 31, 2024, 5:26 PM IST

ANI Image

The RBI on Wednesday barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.

The Reserve Bank’s action against Paytm Payments Bank Ltd (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors.

These reports revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action, the RBI 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, cashbacks, or refunds which may be credited anytime,” it said.

The central bank further said withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards are to be permitted without any restrictions, up to their available balance.

The RBI in March 2022 had directed PPBL to stop onboarding new customers with immediate effect.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Cow smuggler dead, six others injured after their vehicle overturns during police chase

Assam bypolls: Samaguri Cong candidate alleges rigging by BJP, demands repolling

Who in Congress has said Article 370 will be restored? Shah spreading lies: Kharge

All arrangements in place to ensure smooth darshan at Sabarimala shrine: Kerala police

Delhi pollution: Mothers’ group write to health minister, highlight respiratory issues among kids

Union Minister Joshi hands over 10 battery-operated vehicles to Puri temple

COVID-19 scam: Karnataka cabinet decides to set up SIT

Related Articles More

If data doesn’t suit them, they’ll change it altogether: Cong’s swipe at govt over Goyal’s remarks

Sensex drops 110pts, Nifty falls for 6th day on FII selling, inflationary concerns

USD 1 trillion a year needed for developing nations by 2030: High-Level Group on Climate Finance

FSSAI directs online platforms to deliver food items with minimum 45 day shelf life

Retail inflation rises to 6.21 pc in Sep amid higher food prices

MUST WATCH

New Technology In Kambala

Lakshdeepotsava 2024 Shree Krishna Mutt

Punganur Cow

Rangoli design

Jagadeesh Nagaraj Kudupali Audio Viral


Latest Additions

Cow smuggler dead, six others injured after their vehicle overturns during police chase

Assam bypolls: Samaguri Cong candidate alleges rigging by BJP, demands repolling

Who in Congress has said Article 370 will be restored? Shah spreading lies: Kharge

All arrangements in place to ensure smooth darshan at Sabarimala shrine: Kerala police

Delhi pollution: Mothers’ group write to health minister, highlight respiratory issues among kids

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.