India

RBI Barred Paytm Payments Bank Ltd From Accepting Deposits Or Allowing Credit Transactions After 29 February – RBI's action on Paytm Payments Bank, it will not be able to provide banking and wallet services after 29 February. theinsiderinsight

New Delhi:

The Reserve Bank of India (RBI) took major action on Wednesday against Paytm's banking service. RBI has banned Paytm Payments Bank from taking credit transactions and any kind of deposit. In such a situation, after February 29, Paytm will no longer be able to provide banking. RBI said that action has been taken against Paytm Payments Bank for not following the rules.

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The Reserve Bank of India said that after February 29, Paytm Payments Bank Limited has been barred from accepting deposits or allowing credit transactions or top-ups in customer accounts or prepaid instruments like wallets and Fastag. According to the instructions of RBI, customers will be able to use the balance including savings and current from their account without any restriction and up to their prescribed limit.

The Reserve Bank of India said that supervisory flaws have been found in the audit of Paytm Payments Bank. Action was taken under the Banking Regulation Act. Paytm Payments Bank has been asked to settle the nodal account by March 15. There has been an immediate ban on taking deposits from new customers.

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