The Reserve Bank of India (RBI) on February 16 in the Frequently Asked Questions (FAQ) said customers of Paytm Payments Bank should make alternative arrangements with another bank before March 15 for salary credit.
“After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024, to avoid inconvenience,” RBI said in FAQ.
On January 31, the RBI imposed major business restrictions on Paytm Payments Bank, including a bar on accepting fresh deposits and doing credit transactions after February 29.
The regulator found major irregularities in KYC, which exposed the customers, depositors and wallet holders to serious risks.
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The RBI on January 31 said it had imposed business restrictions on Paytm Payments Bank. The central bank said a comprehensive system audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.
Paytm Payment Bank customers should make arrangement for salary credit before March 15: RBI FAQ
On March 11, 2022, the RBI had for the second time barred Paytm Payments Bank from taking on new customers, saying that it had violated know your customer or KYC norms.
No further deposits or credit transactions or top-ups are allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc., after February 29, other than any interest, cashbacks or refunds that may be credited anytime, the RBI said.
No FASTag recharge to be allowed via Paytm payment bank post March 15
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