Brief by Shorts91 Newsdesk / 12:43pm on 31 Jan 2024,Wednesday India
The Reserve Bank of India (RBI) imposes restrictions on Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups after February 29. This action follows a system audit revealing persistent non-compliance and supervisory concerns. No further banking services, including fund transfers, will be allowed after the specified date. Nodal accounts of associated entities are to be terminated by February 29. Customer withdrawals remain unrestricted. RBI directs settlement of pending transactions by March 15. PPBL faced similar restrictions in March 2022, halting new customer onboarding.
