Will Paytm App, Its Wallet And UPI Services Work After Feb 29? Answers Here
NDTV
The RBI has ordered Paytm Payments Bank, an associate of Paytm, to stop accepting fresh deposits in its accounts or digital wallets from February 29, 2024.
Will customers be able to use the Paytm app after February 29? Will the Paytm wallet and other services work after February 29? These have been a few of the most asked questions ever since the Reserve Bank of India's (RBI) clampdown on Paytm Payments Bank.
The central bank on Wednesday ordered Paytm Payments Bank Ltd (PPBL or the bank), an associate of Paytm, to stop accepting fresh deposits in its accounts or digital wallets from February 29, 2024.
The RBI, which on March 10, 2022, directed PBBL to not on-board new customers, cited "persistent non-compliances" issues flagged by external auditors, and said the action was taken under section 35A of the Banking Regulation Act, 1949.