Learn about the RBI’s actions on Paytm Payments Bank (PPBL) and the services that will cease to exist or continue after the March 15 deadline.
The RBI placed significant business limitations on PPBL on January 31 after finding significant abnormalities in the company’s years-long regulatory compliance. Below is a list of services that will cease to exist or continue to do so following the deadline of March 15th.
Following the deadline, PPBL customers can make withdrawals and transfers from their accounts. After the deadline, no money can be deposited into the account—not even interest, cashback, sweepstakes, or refunds.
March 15 is when the Reserve Bank of India (RBI) will close the Paytm Payments Bank (PPBL) account. The banking regulation prohibited PPBL from taking on new deposits and completing credit transactions on January 31. This prohibition was eventually extended to March 15.
The RBI had stated that the Comprehensive System Audit report and the external auditors’ subsequent compliance validation report had demonstrated the bank’s ongoing material supervisory concerns and ongoing non-compliance, which called for additional supervisory action.
Paytm users need to be concerned about their services ceasing to function after the deadline. Following the deadline, the following services will either cease to exist or continue to do so: