TOUGH DECISION TAKEN BY RESERVE BANK OF INDIA.
Reserve Bank of India (RBI) has taken another tough decision.
Paytm Payment Bank (PPBL) to accept any deposits or payment of any prepaid bill. The central bank said that no top up or deposit in wallet or fast-tags will be allowed. Paytm Payment Bank will not be allowed to do any credit transactions including wallet, RBI said.
However, account holders or users need not worry about this. This is because the Central Bank (RBI) has said that there will be no limit on how customers can withdraw or use their remaining balance. After the remaining balance is exhausted, users cannot use it.
Why did RBI take this step Towards paytm?
According to a Reuters report, the RBI has barred Paytm Payments Bank from accepting new deposit and credit transactions on its services due to non-compliance and regulatory concerns. The RBI said in the statement that these orders were issued after finding errors in the audit reports.
You will get cashback, refund amount:
After February 29, 2024, no new transaction or top up will be possible through Paytm Payment Bank, RBI said. However, interest, cashback or refund transactions can be made through it.
RBI orders not to admit new customers:
Earlier, in March 2022, RBI had directed Paytm Payments Bank not to enroll new customers.
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