Brief by Shorts91 Newsdesk / 07:17am on 15 Mar 2024,Friday Business
Paytm's banking arm, Paytm Payments Bank Ltd, faces restrictions from the Reserve Bank of India due to rule violations. Starting today, customers can't deposit money but can withdraw and transfer funds. Salary credits and government subsidies cease, while refunds and cashbacks continue. Wallet top-ups and FASTag recharges halt. NCMC card recharges and fund transfers via UPI/IMPS are barred. Paytm app remains functional for bill payments, with UPI services linked to other banks. One97 Communications, Paytm's parent company, gains NPCI approval to offer UPI services through partner banks. Paytm assures uninterrupted service for non-PPBL users.
