The Reserve Bank of India (RBI) has ordered Paytm Payments Bank to stop accepting new contributions into its accounts or popular wallets after February 29, 2024.
Paytm Payments Bank, a major player in India's payment sector, has been told by regulators that it will be unable to process new deposits, credit transactions, or provide services such as the Unified Payments Interface (UPI) and fund transfers after February 29. Customers will be unable to make deposits, credits, debits, or top-ups in accounts, prepaid devices, wallets, FASTags, NCMC cards, and other similar accounts beginning February 29, 2024, with the exception of interest, cashback, or refunds. This directive was mentioned in a press release by RBI Chief Yogeesh Dayal.
