RBI Governor Shaktikanta Das on 12 of February 2024(Monday) said there will be no review of the restrictions imposed on Paytm Payments Bank (PPB) for regulatory violations, as the decision was taken in the best interest of customers.
The Governor further said that the frequently asked questions (FAQs) on PPB will be issued later during the week to answer customer issues related to FASTags, wallet, and depositors.
On January 31, the RBI imposed restrictions on PPB citing ‘persistent non-compliance and continued material supervisory concerns’. The RBI previously ordered PPB to stop most of its business, including deposits, credit products and digital wallets, by February 29.
In its order against Paytm, RBI now allowed PPB from further deposits or credit transactions or top-ups in any customer accounts, pre-paid instruments, wallets, FASTags, NCMC cards, etc after February 29, other than any interest, cashbacks, or refunds which may be credited anytime.