Effective March 1, 2024, the Reserve Bank of India (RBI) has directed Paytm Payments Bank to cease accepting deposits and conducting credit transactions. According to the RBI notification issued on Wednesday, no further deposits, top-ups, or credit transactions will be permitted in any customer accounts, including prepaid instruments, wallets, FASTags, NCMC cards, etc., after February 29, 2024. However, customers will still be able to withdraw or use the balances available in their accounts without any restrictions.

The RBI has also instructed that Paytm Payments Bank should discontinue all other banking services after the specified date. This includes fund transfers (regardless of the service name or nature), BBPOU, and UPI facilities. Furthermore, the Nodal Accounts of One97 Communications Ltd and Paytm Payments Services Ltd. are mandated to be terminated no later than February 29, 2024, as per the notification.

The RBI directive also stated that customers of the bank can freely withdraw or use the funds in their accounts, including savings and current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, without any limitations, up to the available balance.

Furthermore, the order specified that the bank should cease offering other banking services such as fund transfers (regardless of the service name or type, such as AEPS, IMPS, etc.), BBPOU, and UPI facilities after February 29, 2024.

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