The Reserve Bank of India, on Friday, extended the deadline given to Paytm Payments Bank (PPBL), an associate of One 97 Communications to stop deposits, credit transactions and top-ups in customer accounts, by 15 days.
The central bank said this is 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.
Amid persistent and serious supervisory concerns, the RBI had, on January 31, asked PPBL 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. This deadline has now been extended till March 15.
“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 the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime,” the RBI said in a release.
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, RBI said.
