Paytm Ban: RBI Imposes These Restrictions on Paytm Payments Bank Services - Details Here

The Reserve Bank of India (RBI) has ordered a ban on several services provided by Paytm Payments Bank Limited (PPBL) starting from February 29, 2024. This ban affects crucial functions such as onboarding new customers, accepting deposits, and top-ups for customer accounts, wallets, and FASTags. 

Exceptions to the Ban 

Despite the ban, RBI has outlined some exceptions in a notification on its official website such as, Paytm customers will retain the ability to transfer the balance remaining in their wallets to their savings accounts. 

Details of Permissible Services 

According to the information available on the RBI website, Paytm users will still have access to withdraw or utilize the remaining balance in savings bank accounts, current accounts, prepaid instruments, Fastag, and the National Common Mobility Card without any restrictions. 

Timeline and Transaction Completion 

The RBI notification also extended the timeline for ongoing transactions. The completion period for all pipeline transactions and nodal accounts, initiated on or before February 29, will be extended until March 15.  

However, it is emphasized that after this extension, no transactions of any kind will be permitted.

Inputs: Sources