RBI asks Paytm Payments Bank to stop almost all services after Feb 29

In a major action against Paytm Payments Bank (PPBL), the Reserve Bank on Wednesday directed the lender to stop accepting deposits or top-ups in in customer accounts, wallets, FASTTags and other instruments after February 29.

However, any interest, cashbacks, or refunds may be credited back to customers anytime.



The direction follows persistent non-compliances and continued material supervisory concerns, the central bank said in a statement.

On March 11, 2022, the RBI had barred PPBL from onboarding new customers with immediate effect. Paytm group firm PPBL did not offer any comments on the RBI’s direction against the bank.