RBI extends deadline for Paytm Payments Bank services till March 15

The Reserve Bank of India (RBI) extended the deadline for Paytm Payments Bank services to March 15, from the previous February 29. In a press release issued on Friday, the apex bank said that the decision was taken keeping in a view of larger public interest including the merchants.

It clarified that the customers can make deposits, credit transactions, prepaid services, wallets, FASTags, National Common Mobility Cards till March 15, 2024. According to RBI no further deposits or credit transactions or top-ups shall be allowed in any customer accounts, after March 15, 2024.

Earlier, the RBI disallowed the Paytm subsidiary from accepting further deposits or accounts from February 29.

The central bank added that it had put certain business restrictions on Paytm Payments Bank Ltd, operated by One97 Communications, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949.