By: Mobin
The RBI has imposed significant business restrictions on Paytm Payments Bank, effective February 29th, due to persistent non-compliance.
Fresh deposits & credit activities will be paused, except for interest, cashbacks & refunds.
Paytm Payments Bank is prohibited from onboarding new customers and expanding its user base.
The restrictions address issues uncovered in audit reports about non-adherence to regulations.
Existing customer account services will remain unaffected. They can still use accounts.
This raises uncertainty about the bank's future operations and regulatory compliance.
RBI intervention highlights the necessity of sound practices. Existing users should monitor updates and consider other financial solutions.