Brief by Shorts91 Newsdesk / 10:56am on 14 Mar 2024,Thursday India
Paytm Payments Bank (PPBL) will halt all deposit and top-up services, including FASTags and wallets, starting March 15 as per Reserve Bank of India (RBI) directives. Users won't be able to deposit funds, use UPI or IMPS services, but withdrawals and transfers will remain functional. FASTags cannot be recharged, necessitating new ones from authorized banks. Paytm wallet top-ups and transfers will cease, but existing balances can be utilized. Merchants using Paytm QR codes can continue transactions through alternate bank accounts. The move follows RBI's concerns over regulatory non-compliance and supervision issues.
