NEW DELHI: Paytm Payments Bank was banned by the Reserve Bank of India (RBI) from accepting deposits/recharges to any customer accounts, wallets and FASTags February 29thallegedly due to non-compliance and regulatory concerns.
“The comprehensive system audit report and the subsequent compliance validation report by the external auditors showed persistent violations and ongoing material regulatory concerns in the bank, warranting further regulatory action,” the RBI said in a statement.
“No further deposits or credit transactions or recharges will be permitted on customer accounts, prepaid instruments, wallets, FASTags, NCMC cards etc. after February 29, 2024, except interest, cashback or refund which may be credited at any time.” , it added.
The central bank further said, “Withdrawal or use of funds by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags and National Common Mobility Cards, is permitted without any restrictions up to the amount of available balance.”
In March 2022, RBI had directed PPBL to stop accepting new customers with immediate effect.
(This is a developing story)
“The comprehensive system audit report and the subsequent compliance validation report by the external auditors showed persistent violations and ongoing material regulatory concerns in the bank, warranting further regulatory action,” the RBI said in a statement.
“No further deposits or credit transactions or recharges will be permitted on customer accounts, prepaid instruments, wallets, FASTags, NCMC cards etc. after February 29, 2024, except interest, cashback or refund which may be credited at any time.” , it added.
The central bank further said, “Withdrawal or use of funds by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags and National Common Mobility Cards, is permitted without any restrictions up to the amount of available balance.”
In March 2022, RBI had directed PPBL to stop accepting new customers with immediate effect.
(This is a developing story)
