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The Reserve Bank of India (RBI) has issued a press release dated March 11, 2022, stating that Paytm Payments Bank Ltd (PPBL) has been directed to stop onboarding new customers with immediate effect. This decision follows a Comprehensive System Audit report and subsequent compliance validation report from external auditors, which revealed persistent non-compliances and material supervisory concerns. As a result, the RBI has imposed new restrictions on PPBL, including:
No further deposits or credit transactions after February 29, 2024
Withdrawals allowed without restrictions
No additional banking services except for withdrawals
Termination of Nodal Accounts by February 29, 2024
* Settlement of pipeline transactions and nodal accounts by March 15, 2024
Note: The document date is March 11, 2022, but the restrictions mentioned are effective by February 29, 2024.
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