Thursday, 01 February 2024 | PNS | DEHRADUN
In the light of multiple audits by external auditors having revealed persistent non-compliance, the Reserve Bank of India issued an order directing the Paytm Payments Bank to stop carrying out a wide range of activities, including further deposits, credit transactions and fund transfers, among others. The ban order pertains to further deposits, credit transactions and top-ups in any customer accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards after February 29, 2024 other than any interest, cashback or refunds. Besides, as per the RBI order, settlement of all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29, 2024) should be completed by March 15, 2024, and no further transactions should be permitted thereafter. However, the customers of Paytm Payments Bank can withdraw or use their balances in their bank accounts, current accounts, prepaid instruments, FASTags and National Common Mobility Cards sans restrictions up to their available balance.
