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RBI bars Paytm from accepting deposits, top-ups
According to media reports, RBI took this action against Paytm Payments Bank Ltd (PPBL) after a complete system audit report and subsequent compliance validation report of the external auditors.
The Reserve Bank of India has released an order stating that no deposits/tops-ups will be accepted by Paytm in any customer's account, wallets, and FASTags after February 29.
The RBI took this action after the revelation that Paytm Bank had not complied with the regulations.
According to media reports, RBI took this action against Paytm Payments Bank Ltd (PPBL) after a complete system audit report and subsequent compliance validation report of the external auditors.
"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.
"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, cashback, or refunds which may be credited anytime," it said.
The RBI in March 2022 had directed PPBL to stop onboarding new customers with immediate effect.
Bhoomi Goyal
My self Bhoomi Goyal from Jaipur, Rajasthan. I have passed my Master's in Journalism and Mass Communication this year. I worked in Rajasthan Patrika for six months as an intern. I am working here from June 1st. I passed my graduation in BCA from Rajasthan University and master's in journalism and mass communication from Vivekananda Global University, Jaipur.
