The Reserve Bank of India (RBI) has extended the deadline by another 15 days for the customers of Paytm Payments Bank Ltd (PPBL) to make deposits and credit transactions.
As per information, the RBI has extended the deadline for customers of Paytm Payment Bank till March 15, 2024.
This decision comes amidst the ongoing crisis surrounding the bank, which has raised concerns among its customers and regulatory authorities.
Regarding this, the RBI said, "No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime."
As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29.
The RBI stated that an in-depth audit and subsequent validation report by external auditors uncovered ongoing non-compliance and significant supervisory concerns at Paytm Payments Bank Ltd. Based on that, the central bank imposed various restriction on the bank.
The RBI has on the other hand also released a list of Frequently Asked Questions (FAQs), for the convenience of customers of PPBL, and the general public.
