You Can't Use Paytm Wallet, Transfers After Feb 29. See Affected Features
NDTV
In 2022, the RBI directed the bank to appoint an Income Tax audit firm to conduct a comprehensive System Audit of its IT system over non-compliance concerns.
The Reserve Bank of India has taken action against Paytm Payments Bank after it directed the bank to not onboard new customers over supervisory concerns. In 2022, the RBI directed the bank to appoint an Income Tax audit firm to conduct a comprehensive System Audit of its IT system over non-compliance concerns.
The latest move by the RBI comes after the Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliance and warranted further action.
The RBI has exercised its powers under the Banking Regulation Act and has stopped the Paytm Payments Bank from offering some services to customers.
