RBI bars Paytm Payments Bank from accepting deposits after Feb 29 ...Middle East

Mumbai: The RBI has barred Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups 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 action has been taken after a 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 on Wednesday. “Withdrawal or utilisation of balances by PPBL customers from their accounts including s

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