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NEW DELHI: Paytm Payments Bank has been barred by the Reserve Bank of India (RBI) from accepting deposits/top-ups in any customer account, wallets, and FASTags after February 29, reportedly due to non-compliance of regulations and supervisory concerns.
“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,” the RBI said in a statement.
“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 added.
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”.
In March 2022, the RBI had directed PPBL to stop onboarding new customers with immediate effect.
(This is a developing story)
“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,” the RBI said in a statement.
“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 added.
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”.
In March 2022, the RBI had directed PPBL to stop onboarding new customers with immediate effect.
(This is a developing story)
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