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RBI action against Paytm Bank: What you need to know
The Morning Standard
|February 05, 2024
Fintech says it is working with other banks in last two years, will continue to expand third-party bank partnerships and service will continue beyond Feb 29
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THE Reserve has suspended transactions Bank of India deposits, credit and top ups in Paytm Payments Bank Limited (PPBL) after February 29th 2024. Prepaid instruments, wallets, FASTags, NCMC cards etc., will not be allowed after the deadline. RBI said the persistent non-compliances and continued material supervisory concerns warranted the action.
Will this affect your savings and wallets in the bank?
RBI directive has mentioned that it does not impact user deposits in their savings accounts, Wallets, FASTags and NCMC accounts, where they can continue to use the existing balances. Users cannot add money to your wallet after the deadline, however, there is no restriction on withdrawal of money from your existing balance even after Feb 29th. Users can close wallet or sub wallet accounts and transfer any residual balance in your PPBL wallet to another bank account as per existing process of the bank.
How to redeem FDs and change DBTs?
This story is from the February 05, 2024 edition of The Morning Standard.
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