The Reserve Bank of India has asked Paytm to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.
The Reserve Bank of India has instructed Paytm Payments Bank Ltd. (PPBL or the bank) to cease onboarding new clients immediately, in accordance with its authority under section 35A of the Banking Regulation Act, 1949.
The Reserve Bank of India barred all services of the Paytm Payments Bank Ltd (PPBL) on Wednesday, dealing a major blow to one of India s prominent fintech companies. But what does this mean for you, your wallet and related services?