The Reserve Bank of India (RBI) has barred One97 Communications’ (Paytm) associate entity -- Paytm Payments Bank from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.
The Reserve Bank's action against Paytm Payments Bank (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors. These reports revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.
Paytm is India's leading digital ecosystem for consumers as well as merchants.
