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RBI Stops Paytm Payments Bank From Accepting Deposits After Feb 29

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New Delhi: The RBI on January 31 stopped Paytm Payments Bank Ltd from accepting deposits or adding money to customer accounts, prepaid instruments, wallets, and FASTags after February 29, 2024.

This move by the RBI against Paytm Payments Bank Ltd (PPBL) came after a detailed review of the bank’s systems by external auditors and subsequent confirmation of compliance issues.

The reports identified ongoing non-compliances and significant supervisory concerns in the bank, leading the RBI to take further supervisory action, as stated in their official 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 also added that customers of Paytm Payments Bank Ltd (PPBL) can freely withdraw or use the funds in their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, without any limitations, up to the available balance.

In March 2022, the RBI had directed PPBL to halt the onboarding of new customers immediately.

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