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 any customer accounts, wallets, FASTags and other instruments after February 29.
However, any interest, cashback, 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.
“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,” the RBI said.
