RBI action on Paytm Payments Bank


The Reserve Bank of India (RBI) has told Paytm Payments Bank, a part of India's Paytm payment firm, to stop accepting new deposits or popular wallet transactions starting from February 29, 2024. 
Additionally, the bank won't be able to offer credit services or facilitate fund transfers, including Unified Payments Interface (UPI). The ban won't affect users' savings accounts, wallets, FASTags, and NCMC accounts, so they can keep using them with their current balances. Paytm's offline merchant payment services, like Paytm QR and Paytm Card Machine, will also keep running normally. New offline merchants can still join these services.
Previous Post Next Post