India's central bank has extended the deadline for some of the trading restrictions it is imposing on Paytm's Payments Bank to March 15 from February 29, giving the Indian financial services firm an additional 15 days to comply with the rules. but nullifying the possibilities of any important concession.
The Reserve Bank of India said on Friday that Paytm Payments Bank, an associate firm of the Indian financial services firm that processes the group's transactions, will not be able to accept customer deposits, credit transactions and top-ups to bank accounts, instruments prepaids, wallets and FASTags from March 15, 2024.
The update comes after the RBI extended its restrictions on Paytm's Payments Bank late last month. The central bank said in a statement that it would extend the deadline in the “interest of customers (including traders) of PPBL who may need a little more time to make alternative arrangements and in the interest of the general public.”
Many other payments bank services will be allowed until March 15 instead of the previous deadline of February 29, the central bank said. saying (PDF). The RBI also posted a frequently asked question (PDF), detailing how the embargo on Paytm Payments Bank will impact merchants and customers.
Check back for updates as the story develops.
