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HomeNewsRBI Asks Paytm Payments Bank To Stop Onboarding New Customers

RBI Asks Paytm Payments Bank To Stop Onboarding New Customers


The Reserve Financial institution of India (RBI) on Wednesday restricted Paytm Funds Financial institution from onboarding new prospects with speedy impact. In a launch on Wednesday, the central financial institution additionally barred Paytm Funds Financial institution from accepting deposits or top-ups in any buyer account, pay as you go devices, wallets, and FASTags, amongst others after February 29, 2024.

The RBI’s motion in opposition to Paytm Funds Financial institution follows a complete system audit report and subsequent compliance validation report of the exterior auditors. These reviews revealed persistent non-compliances and continued materials supervisory issues within the financial institution, warranting additional supervisory motion, the central financial institution mentioned in a press release. “No additional deposits or credit score transactions or high ups shall be allowed in any buyer accounts, pay as you go devices, wallets, FASTags, NCMC playing cards, and many others. after February 29, 2024, aside from any curiosity, cashbacks, or refunds which can be credited anytime,” it mentioned.

The central financial institution additional mentioned withdrawal or utilisation of balances by its prospects from their accounts together with financial savings financial institution accounts, present accounts, pay as you go devices, FASTags, Nationwide Frequent Mobility Playing cards are to be permitted with none restrictions, as much as their obtainable steadiness. The RBI in March 2022 had directed PPBL to cease onboarding new prospects with speedy impact. 

wasim ibn kamal
wasim ibn kamalhttps://newslike.site
Wasim Ahmad Kumar | Wasim Ibn Kamal | founder of iseotools.me, newslike.site and healtinfo.space | A developer and UI/UX designer. Cluster-notes.blogspot.com and tsbdu.blogspot.com are two of my blogs.
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