Customers of Paytm Payments Bank will not be able to make fresh deposits or top up wallets, FASTags and mobility cards issued by it after a month, as the central bank cracked down following an audit that revealed “persistent non-compliances" and “continued material supervisory concerns" at the payments bank.
However, customers can freely withdraw their money, the Reserve Bank of India (RBI) said in a statement. Interest payments, cashbacks and refunds can continue to be credited to these accounts. But it cannot provide any banking service or facility other than fund transfers, bill payments and UPI (Unified Payments Interface) from 1 March.
"For all practical purposes, the above notifications end the operations of Paytm Payments Bank. This is a definite negative development and adds to the already heavy regulatory overhang on the business," analysts at Bernstein said in a note on Wednesday.
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