The RBI on Wednesday ordered Paytm Payments Bank Ltd (PPBL or the bank), an associate of Paytm, to stop accepting fresh deposits in its accounts or digital wallets from February 29, 2024.
RBI s action targets Paytm s banking operations, allowing customers to still use Paytm for digital payments as long as their account is connected to an external bank.
The RBI's action against Paytm Payments Bank Ltd (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors.