The interface of Indian funds app Paytm.
| Photo Credit: REUTERS
The RBI on February 16 gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit score transactions or top-ups in any buyer accounts, wallets, and FASTags, protecting in view the curiosity of consumers, together with retailers.
As per a January 31 order of the central financial institution, PPBL was requested to stop additional deposits, credit score transactions, or top-ups in any buyer accounts, pay as you go devices, wallets, FASTags, and National Common Mobility Cards, after February 29.
The RBI mentioned that is being executed protecting in view the curiosity of consumers (together with retailers) of PPBL who could require a bit more time to make various preparations and the bigger public curiosity.
Paytm Payments Bank meltdown, its which means | Explained
“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 mentioned.
The central financial institution has taken motion towards PPBL for persistent non-compliances and continued materials supervisory issues within the financial institution, warranting additional supervisory motion.
On February 16, the RBI additionally launched an inventory of Frequently Asked Questions (FAQs), for the comfort of consumers of PPBL, and most people at massive.
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