RBI's Limits on Paytm Payments Bank: What You Need to Know

The Reserve Bank of India has directed Paytm Payments Bank to halt fresh deposits and credit transactions starting February 29, 2024. Customers can still withdraw funds without restrictions.

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Paytm Payments Bank, under One 97 Communications Limited (OCL), swiftly follows RBI directives. OCL will exclusively partner with other banks, discontinuing ties with Paytm Payments Bank Limited to expand its financial services.

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Paytm said it expects a "worst case impact" of ₹ 300 crore to ₹ 500 crore to its annual earnings from RBI's order barring Paytm Payments Bank from accepting fresh deposits.

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The RBI's action, prohibiting further credits or top-ups into PayTM Payments Bank account or wallet, will come into effect from March 1, 2024, onwards. The business restriction imposed on March 11, 2022, which prohibited PayTM Payments Bank from onboarding new customers, remains in force.

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One 97 Communications is trading -20.00% lower at Rs 608.80 as compared to its last closing price. One 97 Communications has been trading in the price range of 608.80 & 608.80. One 97 Communications has given 19.79% in this year & 0.70% in the last 5 days.

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RBI's Limits on Paytm Payments Bank: What You Need to Know

The Reserve Bank of India has directed Paytm Payments Bank to halt fresh deposits and credit transactions starting February 29, 2024. Customers can still withdraw funds without restrictions.

RBI Put Restrictions on Paytm

Paytm Payments Bank, under One 97 Communications Limited (OCL), swiftly follows RBI directives. OCL will exclusively partner with other banks, discontinuing ties with Paytm Payments Bank Limited to expand its financial services.

What Paytm Payments Bank Said On RBI Restrictions

Paytm said it expects a "worst case impact" of ₹ 300 crore to ₹ 500 crore to its annual earnings from RBI's order barring Paytm Payments Bank from accepting fresh deposits.

Paytm Likely To Lose Over ₹ 500 Crore Due To RBI Action

The RBI's action, prohibiting further credits or top-ups into PayTM Payments Bank account or wallet, will come into effect from March 1, 2024, onwards. The business restriction imposed on March 11, 2022, which prohibited PayTM Payments Bank from onboarding new customers, remains in force.

PayTM Bank Services Going to Shut Down from March 1

One 97 Communications is trading -20.00% lower at Rs 608.80 as compared to its last closing price. One 97 Communications has been trading in the price range of 608.80 & 608.80. One 97 Communications has given 19.79% in this year & 0.70% in the last 5 days.

Paytm shares Down

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