Curbs On Paytm Payments Bank Services: What Happens To Your Money Now
NDTV
The RBI has ordered Paytm Payments Bank Limited, an associate of Paytm, to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other prepaid instruments after February 29.
In a major blow to Paytm Payments Bank Limited, an associate of Paytm, the Reserve Bank of India (RBI) on Wednesday ordered the lender to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other prepaid instruments after February 29, 2024.
"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," the RBI said in an official statement.
The central bank said it had in March 2022 asked the Paytm Payments Bank to stop onboarding new customers.
