RBI Issues Orders for Existing and New Users of Paytm Payments Bank
lifestyle Feb 01 2024
Author: Ishwi Singh Image Credits:our own
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A new order
The RBI recently issued an order that prohibits the addition of new customers to Paytm Bank effective immediately.
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Paytm Payments Bank
The RBI issued this directive on 31 January 2024. Additionally, existing Paytm Payments Bank customers will also be unable to add new funds to their accounts after 29 February.
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Adding funds
The RBI instructed Paytm to halt the addition of funds to the accounts of existing customers after 29 February.
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Compliance standards
Allegations have been raised against Paytm of consistently disregarding compliance standards, citing findings from a system audit report and subsequent validation report.
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Shortcomings
Additionally, numerous other shortcomings related to Paytm Banks have been found out, prompting the consideration of further necessary actions against them in the future.
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Existing customers
According to the RBI, existing customers of Paytm Banks can continue to use the funds available in their accounts.