BIG Relief To People! RBI Gives 15-Day Relaxation To Paytm

New Delhi: The RBI on Friday gave 15 days more till March 15, 2024, to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions, or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants.

As per a January 31 order from the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. (Also Read: Techie, With Rs 43 Lakh Salary, Seeking Job Where He Can Get High-Protein Food; Viral Story Amazes Netizens)

The RBI said this is being done keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest. (Also Read: Nike Is Latest To Join Layoffs Spree, To Slash Over 1,600 Jobs)

"Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out' facility without causing any inconvenience to such customers," the Reserve Bank of India said.

RBI gives 15-day relaxation to Paytm, extends the date to 15th March from the earlier stipulated timeline of February 29, 2024. https://t.co/UH52h5DIz4 pic.twitter.com/VP7Ou34zua

— ANI (@ANI) February 16, 2024

The central bank has taken action against PPBL for persistent non-compliance and continued material supervisory concerns in the bank, warranting further supervisory action.

On Friday, the RBI also released a list of Frequently Asked Questions (FAQs), for the convenience of customers of PPBL, and the general public at large.