BIG Relief To People! RBI Gives 15-Day Relaxation To Paytm

The decision comes amidst the ongoing scrutiny faced by Paytm.

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New Delhi: The RBI on Friday gave 15 days more till March 15, 2024, to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions, or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants.

As per a January 31 order from 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 said this is being done keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest. ()

"Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out' facility without causing any inconvenience to such customers," the Reserve Bank of India said.

RBI gives 15-day relaxation to Paytm, extends the date to 15th March from the earlier stipulated timeline of February 29, 2024. https://t.co/UH52h5DIz4 pic.twitter.com/VP7Ou34zua

— ANI (@ANI) February 16, 2024

The central bank has taken action against PPBL for persistent non-compliance and continued material supervisory concerns in the bank, warranting further supervisory action.

On Friday, the RBI also released a list of Frequently Asked Questions (FAQs), for the convenience of customers of PPBL, and the general public at large.