Paytm Payments Bank Is Set to Close on March 15. Here’s Everything Customers Need to Know

The Reserve Bank of India has advised Paytm Payments Bank to cease taking deposits or top-ups in client accounts, wallets, FASTags, and other instruments from March 15.

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Paytm Payments Bank Is Set to Close on March 15. Here’s Everything Customers Need to Know

The Reserve Bank of India has advised Paytm Payments Bank to cease taking deposits or top-ups in client accounts, wallets, FASTags, and other instruments from March 15.

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Notably, this deadline has been extended. The RBI asked PPBL on January 31 to stop taking deposits or top-ups in client accounts, wallets, FASTags.

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The financial business was found to have violated know-your-customer (KYC) regulations and other RBI-mandated protocols.

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Aside from the RBI, the BSE has released instructions for investors to follow when utilizing the payments bank for stock trading.

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Customers will no longer be able to deposit money into their PPBL accounts starting March 15.

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Customers will be able to continue withdrawing and transferring money from their PPBL accounts.

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