Paytm Payment Bank / RBI gave a big blow to Paytm, ordered to stop all banking services

Paytm Payment Bank: On behalf of the Reserve Bank of India i.e. RBI, from February 29, 2024 onwards, Paytm Payment Bank will be allowed to allow deposit or credit transactions in any customer's account, prepaid device, wallet, Fastag, NCMC card etc. in addition to interest and cashback or Top-up has been stopped. In the statement issued by the Central Bank, it was said that this decision has been taken after the Comprehensive System Audit Report and Compliance Validation Report prepared by external auditors. The report revealed that strict banking compliance was being ignored by the bank. This also raised supervisory concerns.

RBI issued statement

In a statement issued by the central bank, it was said that from February 29, 2024, Paytm Payment Bank will not allow any customer to make any kind of deposit, credit or top-up in the account, prepaid device, wallet, Fastag, NCMC card etc. Stopped from doing up.

Customers will not face any problems

RBI further said that despite this ban, Paytm Payment Bank customers will be able to easily withdraw or use the outstanding balance from their savings account, current account, prepaid instruments, Fastag etc.

There was a ban on onboarding new customers

Let us tell you, earlier in March 2023, RBI had stopped Paytm Payment Bank from onboarding new customers. During that time, the central bank had directed Paytm Payment Bank to appoint an IT audit firm for a comprehensive system audit report. On the basis of this report, RBI had to allow Paytm Payment Bank to re-onboard new customers.

Paytm shares closed flat

Shares of Paytm's promoter company One97 Communications closed flat at Rs 761 per share in today's trading.