WHAT HAPPENED WITH PAYTM?

Wondering what happened with the PAYTM? India’s one of the most used payment platform?

In this article, we will share, with you the complete information as what happened with the PAYTM.

On January 31st, 2024, the PAYTM, India’s one of the leading financial platform got a setback from the central bank of India aka Reserve Bank of India.

The set-back is about stopping of the operations from 29th February, 2024. Paytm Payments Bank is prohibited from accepting new deposits, conducting credit transactions, and facilitating top-ups in customer accounts.

This restriction applies to prepaid instruments, wallets, FASTags, and NCMC cards, among other services.

WHY THIS RESTRICTION?

The central bank stated that a Comprehensive System Audit report, followed by a compliance validation report from external auditors, identified ongoing non-compliance and significant supervisory concerns within the bank.

Please note that, the “CUSTOMERS ARE STILL PERMITTED TO WITHDRAW AND USE THE FUNDS IN THEIR ACCOUNTS”

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