RBI Restricts Paytm from Accepting Deposits Starting Next Month

New Delhi: The Reserve Bank on Wednesday barred Paytm Payments Bank Ltd from accepting deposits or allowing credit transactions, or top-ups, in customer accounts or prepaid instruments, such as wallets and FASTags, after February 29.

Customers can, however, continue to utilise balances from their accounts, including savings and current “without restriction (and) up to their available” limit, the Reserve Bank order said.

The RBI’s order cited “persistent non-compliances and continued material supervisory concerns in the bank”. It follows a March 2022 order in which Paytm Payments Bank was directed to stop taking on board new customers “with immediate effect”.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)