The Reserve Bank of India (RBI) has suspended certain services, including deposits, credit transactions, and top-ups, in Paytm Payments Bank Limited (PPBL) after February 29, 2024, due to non-compliances and supervisory concerns. While users can’t add money to their wallets after the deadline, existing balances in savings accounts, wallets, FASTags, and NCMC accounts remain accessible for withdrawals. Fixed Deposits (FDs) can be redeemed, but new ones cannot be booked. Paytm assures users that the Paytm app, fund transfers, recurring payments, and investments with Paytm Money will continue unaffected, with ongoing efforts to minimize transaction disruptions. The RBI’s directive includes the termination of nodal accounts of One97 Communications Ltd and Paytm Payments Services Limited.
RBI Suspends Key Services in Paytm Payments Bank, Users Assured Minimal Impact
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