The Reserve Bank of India gave Paytm Payments Bank (PPBL) instructions on January 31 to cease taking deposits or top-ups in any user accounts, wallets, FASTags, or other devices after February 29. This has been extended till March 15. NHAI Removes Paytm Payments Bank From List of Authorised Banks for FASTag Services; Know How to Deactivate and Open New FASTag Account.
On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. Highway Toll Collector IHMCL Removes Paytm Payments Bank From List of Banks Authorised To Issue FASTag.
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. RBI Gives 15 More Days Till March 15 to Paytm Payments Bank To Stop Deposits, Credit Transactions or Top-Ups in Any Customer Accounts and Wallets.
The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank. According to industry sources, RBI directions to Visa and Mastercard have been issued due to concerns over non-compliance with KYC norms. RBI Asks Visa, Mastercard To Stop Card-Based Commercial Payments Due to Concerns Over KYC Compliance.