While no deposits and transfers will be allowed to the Paytm Payments Bank post March 15, the RBI’s guidelines try and ensure that your money will not be lost.
Earlier, it was reported that the central probe agency was investigating if platforms run by One 97 Communications were involved in violations of foreign exchange rules.
The Reserve Bank of India (RBI) on January 31 directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags, and other instruments after February 29.
The FAQs on Paytm is not likely to offer any indemnity for banks taking up the PPBL accounts. RBI is also not expected to specify its approval or disapproval of banks making any business decisions to work with PPBL
Paytm Payments Bank crisis latest: The central bank, on January 31, ordered Paytm's banking unit Paytm Payments Bank Ltd (PPBL) to stop its mobile wallet business along with other activities.