RBI’s Big Action Against Paytm Payments Bank; Can You Withdraw Your Money? | Personal Finance News


New Delhi: The Reserve Bank of India (RBI) has introduced stringent restrictions on Paytm Payments Bank, a key player in processing transactions for the financial services giant Paytm. These restrictions prohibit the bank from offering several banking services, including the acceptance of fresh deposits and credit transactions, effective from February 29.

This recent move by the RBI follows its earlier order in 2022, directing Paytm Payments Bank to halt the acceptance of new customer accounts. The RBI had concerns that prompted this curb, and it remains in place. (Also Read: RBI Stops Paytm Payments Bank From Accepting Deposits After Feb 29)

After the action of the regulatory body, now excitement is pouring in among users about what will happen to their funds. Can they utilize the credited money or not? Read on to find out the answer to such questions. (Also Read: RBI Takes Action Against Paytm Payments Bank: Check How It Impacts Customers)

The RBI made it clear that customers of the bank, like you, can still take out or use the money in their accounts without any problems. This includes savings accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, and more. You can do this freely, as long as you stay within the amount of money available in your account.

Reasons Behind RBI’s Action

The RBI cited a comprehensive audit conducted by external auditors, revealing “persistent” non-compliances and “continued material supervisory concerns” in Paytm Payments Bank. According to the RBI, these compliance issues warranted additional supervisory action.

Impact On Paytm Payments Bank Services

After February 29, Paytm Payments Bank will face limitations on various banking services, affecting its ability to accept fresh deposits and credit transactions. These restrictions are a result of the identified non-compliance.

What Does It Mean For You?

As a customer, these restrictions may impact your experience with Paytm Payments Bank. Key changes include the inability to initiate new deposits or credit transactions after February 29. Users must be aware of these limitations to better manage their banking activities.

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