This comes after the RBI on January 31 directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
This comes amid the RBI's order, which directed the bank to cease accepting deposits or top-ups in various customer accounts and instruments after February 29.
The RBI on January 31 directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
RBI has put curbs on Paytm Payments Bank for accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more from February 29 onwards.
The RBI announced its decision to keep the repo rate unchanged for the sixth consecutive time at 6.50 per cent.
The real GDP growth for FY25 is forecast at 7 per cent, with growth rates of 7.2 per cent and 6.8 per cent expected in the June and September quarters.
The monetary policy committe led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent.
Joshi said that the reserve bank must have taken the action in the overall interest of the consumer and the economy.
The RBI has kept the repo rate steady at 6.50 per cent over the past year, last raising it in February 2023 from 6.25 per cent.
Since the Reserve Bank of India's directive, reportedly, there has been a surge in downloads of competitor apps, such as PhonePe and BHIM, while Paytm's downloads have declined.
If HDFC Bank fails to complete the acquisition within the timeframe of one year, the approval will be revoked.
The central bank's directive restricts Paytm Payments Bank from accepting deposits or top-ups after February 29.
Paytm Payments Bank: The central bank has ordered Paytm Payments Bank Ltd to halt most of its business including taking further deposits, conducting credit transactions and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls after Feb 29
The direction follows persistent non-compliances and continued material supervisory concerns, the central bank said in a statement.
Paytm Payments Bank: Sources said RBI in 2021 detected serious KYC Anti Money Laundering violations and the bank was directed to address these deficiencies. However, they continued to persist. The compliances submitted by the bank were found to be incomplete and false on many occasions.
The RBI imposed restrictions, prohibiting the bank from accepting new deposits or conducting credit transactions after February 29.
Paytm Payments Bank Limited is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more from February 29 onwards.
Paytm Payments Bank is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more after February 29, 2024.
The RBI said that customers are permitted to withdraw or utilise balances from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards.
The trading hours for the RBI-regulated markets will be from 2:30 pm to 5 pm on Monday, January 22.
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