Published On : Fri, Feb 16th, 2024
By Nagpur Today Nagpur News

RBI gives Paytm Bank 15 days more to stop transactions

The RBI on Friday gave 15 days more, till March 15, 2024, to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants.

As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29.

Gold Rate
Tuesday 18 Feb. 2025
Gold 24 KT 85,800 /-
Gold 22 KT 79,800 /-
Silver / Kg 96,900 /-
Platinum 44,000 /-
Recommended rate for Nagpur sarafa Making charges minimum 13% and above

The RBI said this is being done keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest.

“Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the Reserve Bank of India said.

The central bank has taken action against PPBL for persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.

On Friday, the RBI also released a list of Frequently Asked Questions (FAQs), for the convenience of customers of PPBL, and the general public at large.

Advertisement