RBI bans Paytm, services to stop from February 29?

Mumbai: The Reserve Bank of India on Wednesday took action against Paytm Payments Bank Limited and banned the services of Paytm.

According to the information received, deposits and top ups in customer accounts, prepaid investments, wallets, fast tags will not be accepted after 29 February 2024. The above action has been taken after verification of the comprehensive system, audit report and reports of external auditors.

RBI said in a statement that as per the reports received, persistent non-compliance and continuing material supervisory concerns have been detected in the bank. Due to which further major action is required. RBI also informed that after February 29, 2024, no credit, deposit, top up or transaction will be allowed in any customer’s account, prepaid device, wallet, FASTAGS, NCMC card, etc.