RBI gives 15-day relaxation to Paytm
PTC News Desk: The Reserve Bank of India (RBI) has granted Paytm a 15-day relaxation, moving the deadline to March 15th from February 29, 2024.
Paytm Payments Bank was barred by the RBI from taking deposits, credits, or processing top-up transactions in customer accounts due to persistent non-compliance. Additionally, beginning February 29, the bank was prohibited from processing other banking services such as UPI facilities and fund transfers.
The move is part of ongoing discussions and regulatory measures regarding Paytm.
The RBI issued a Frequently Asked Questions (FAQ) document that addressed various aspects of the Paytm case, providing clarity and guidance amidst changing conditions.
The extension gives Paytm more time to address regulatory concerns, resulting in a more comprehensive resolution process. The RBI's release of a FAQ document demonstrates its commitment to transparency and communication in dealing with the complexities of the Paytm case.
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