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Changes to Paytm Payments Bank Services Effective March 1

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New Delhi : Paytm Payments Bank customers will face service restrictions starting March 1, as the Reserve Bank of India (RBI) takes supervisory actions. The RBI’s decision follows its directive in 2022, instructing the bank to appoint an Income Tax audit firm for a thorough System Audit due to non-compliance concerns.

The recent move comes in response to the Comprehensive System Audit report and subsequent compliance validation, revealing persistent non-compliance issues that necessitated further action. Under the authority granted by the Banking Regulation Act, the RBI has suspended Paytm Payments Bank from onboarding new customers and has imposed limitations on certain services.

Effective February 29, customers will no longer be able to make new deposits, credit transactions, or top-ups in their accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards. While existing account balances can still be withdrawn, no additional deposits will be accepted. Customers may continue to utilize the remaining funds in their FASTags, wallets, savings accounts, current accounts, etc.

Furthermore, Paytm Payments Bank will no longer facilitate fund transfers or UPI services after February 29. The RBI has terminated the nodal accounts of One97 Communications Ltd, the parent company of Paytm, along with those of Paytm Payments Bank.

For transactions initiated on or before February 29, settlements must be concluded by March 15, with no further transactions permitted thereafter. Stay informed for further updates on these developments. – The Blaze Times Web Desk

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