The Reserve Bank of India on Friday extended the earlier deadline given to Paytm Payments Bank Limited (PPBL) to stop key services, including credit transactions, deposits, wallet and FASTags. The central bank has said in a fresh circular that the new deadline is March 15.
“Keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest, the following directions are issued by the Reserve Bank of India under section 35A of the Banking Regulation Act, 1949 in partial modification of the earlier Directions dated January 31, 2024,” said the RBI in its fresh circular.
The central bank noted: “No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime.”