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Business EconomyPosted at: Feb 16 2024 6:23PM


RBI gives 2 more weeks till March 15 to Paytm customers to make alternate arrangements

New Delhi, Feb 16 (UNI) Paytm customers and merchants get two more weeks to make alternate arrangements, says RBI.

Keeping in view the interest of customers (including merchants) of Paytm Payments Bank Limited (PPBL) who may require a little more time to make alternate arrangements as the larger public interest, the Central Bank has issued fresh directions in modifications of the earlier direction which had put restrictions on PPBL.
"No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards etc. after March 15, 2024 (extended from earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited any time," the bank said in release.
It however said that withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc are to be permitted without any restrictions, upto their available balance. There is no change in this clause.

The RBI, 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) last month and in March 2022.
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