RBI Action on Paytm Payments Bank: Taking strict action on Paytm Payments Bank, RBI has stopped it from accepting deposits or top-up in any customer account, prepaid instrument, wallet and Fastag etc. after February 29, 2024.
RBI Action on Paytm Payments Bank: Reserve Bank of India (RBI) has allowed Paytm Payments Bank Limited to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag etc. after February 29, 2024. Have been stopped from doing. RBI has taken this step against Paytm Payments Bank Limited (PPBL) after the comprehensive system audit report and compliance verification report of external auditors.
Why did RBI take action on Paytm?
Giving this information in a statement on Wednesday, RBI said that these reports revealed concerns related to continuous non-compliance of rules and material supervision in the payments bank. After this, further inspection action was required.
These things will be prohibited
The central bank said, “No deposit or credit transaction or top up will be allowed in any customer account, prepaid medium, wallet, Fastag, NCMC card etc. after February 29, 2024. However, no interest, cashback or Refunds can be credited at any time.”
Customers will continue to get this service
Along with this, RBI said that Paytm Payments Bank customers will be allowed to withdraw or use the balance from their accounts including savings bank account, current account, prepaid medium, Fastag, National Common Mobility Card (NCMC) without any restriction. . Earlier, in March 2022, RBI had stopped PPBL from adding new customers with immediate effect.
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