RBI barred Paytm Payments Bank from accepting deposits after February 29. The Congress questioned the government s monitoring of Paytm s Chinese links. | Latest News India
Investors question if Paytm Payments Bank can thrive without regulator s trust. The Reserve Bank of India s ban on deposit or credit transactions has frozen the bank. Paytm can switch fintech customers to another institution but the ban signals regulatory concerns. The RBI s ban follows persistent non-compliances and material supervisory concerns. It also mandates termination of accounts of One 97 Communications and Paytm Payments Services. Confidence in Paytm s mainstream business and banking partners may be affected. Paytm s goal to turn profitable may be delayed. The investment case for Paytm weakens.
The Reserve Bank of India (RBI) has directed Paytm Payments Bank to stop accepting deposits or top-ups in any customer accounts from 29 February. Customers will be allowed to withdraw or utilize balances up to their available balance.
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