Highlights

  • RBI stops Paytm Payments Bank from accepting deposits after Feb 29
  • No other banking services should be provided by the bank after Feb 29th: RBI

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RBI bars Paytm Payments Bank from onboarding new customers amid compliance concerns

The Reserve Bank of India has prohibited Paytm Payments Bank from onboarding new customers with immediate effect

RBI bars Paytm Payments Bank from onboarding new customers amid compliance concerns

The Reserve Bank of India has prohibited Paytm Payments Bank from onboarding new customers with immediate effect.
In it's press release RBI has highlighted concerns over non-compliance, saying that the Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.

In a slew of curbs RBI has barred Paytm from accepting deposits, top-ups, credit transactions in any customer accounts, prepaid instruments or even FASTags after Febraury 29th. However, Withdrawal or utilisation of balances will be permitted.

"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.


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