Quick Summary
Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949 1. The Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, had put certain business restrictions on Paytm Payments Bank Ltd (PPBL or the bank), videPress Releases dated March 11, 2022andJanuary 31, 2024. 2. Keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements an
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FAQ :
The Reserve Bank of India has imposed business restrictions on Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949.
No further deposits, credit transactions, or top-ups will be allowed after March 15, 2024. This is an extension from the original February 29, 2024 deadline.
Yes, customers can withdraw or utilise their available balances from all accounts and wallets without any restrictions, provided the accounts are not frozen or lien-marked.
The bank should not provide services like fund transfers (AEPS, IMPS, etc.), BBPOU, and UPI after March 15, 2024. However, these can be used for withdrawing available balances.
The nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd are to be terminated at the earliest, with all pipeline transactions initiated on or before February 29, 2024, to be settled by March 15, 2024.
The bank is directed to facilitate a seamless withdrawal of customer deposits parked with partner banks under the 'sweep-in sweep-out' facility without causing inconvenience.
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