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No relief for Paytm Payments Bank; RBI only extends deadline for imposing curbs

No relief for Paytm Payments Bank; RBI only extends deadline for imposing curbs

| @indiablooms | 16 Feb 2024, 09:56 pm

Mumbai: The Reserve Bank of India (RBI) on Friday extended the deadline for Paytm Payments Bank Ltd (PPBL) to cease accepting new deposits and conducting credit transactions.

The new deadline is March 15, extending from February 29 set by RBI for PPBL to stop these operations.

Despite this extension, the latest press release or FAQ from the regulator does not indicate any notable concessions or relaxations for the troubled payments bank.

“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.

Notably, RBI has only extended the deadline on business restrictions by two weeks. If the regulator doesn’t remove the curbs on the payments bank by March 15, it will likely become dormant without permission to accept fresh deposits or do credit transactions.

However, the Central bank has made it clear that existing Paytm bank customers with money in their accounts have nothing to worry about.

“However, for the purpose of services such as withdrawal or utilisation of available balance by customers or wallet holders, such fund transfers including AEPS, IMPS, and UPI may be allowed anytime,” the RBI said.

Significantly, the RBI underscored that PPBL must facilitate withdrawals up to the available balance from all accounts and wallets, except those that have been frozen or marked with a lien by Law Enforcement or judicial authorities.

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