The Reserve Bank of India (RBI) has issued a significant order today regarding Paytm. According to the order, Paytm Payments Bank is now prohibited from onboarding new customers with immediate effect. RBI has imposed a restriction on Paytm Bank from acquiring new customers, and this order is effective immediately from January 31, 2024. Additionally, the RBI has directed the company to halt adding amounts to the accounts of existing customers after February 29. The RBI cited concerns about non-compliance and material supervisory issues identified through an extensive audit report and external auditors, emphasizing the need for further action. Furthermore, a restriction on transactions in the accounts of existing customers has been implemented from February 29, 2024.
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