The Reserve Bank of India (RBI) has taken the decision to prohibit Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags, and more after February 29, 2024. The action by the RBI is a result of a comprehensive system audit report and subsequent compliance validation report by external auditors, which identified persistent non-compliances and ongoing material supervisory concerns at the bank.Paytm Payments Bank faces RBI action, can't offer services after February 29
January 31, 2024
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The Reserve Bank of India (RBI) has taken the decision to prohibit Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags, and more after February 29, 2024. The action by the RBI is a result of a comprehensive system audit report and subsequent compliance validation report by external auditors, which identified persistent non-compliances and ongoing material supervisory concerns at the bank.
