Good news for Paytm Payments Bank (PPBL) users! The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank Ltd (PPBL) to stop accepting new deposits and transactions by two weeks. This move aims to provide customers and merchants with more time to adjust to the upcoming changes.
New Deadline:
- Previously, PPBL was set to cease accepting deposits, credit transactions, and top-ups as of February 29th, 2024.
- The RBI has now granted a 15-day extension, pushing the new deadline to March 15th, 2024.
Reason for Extension:
- The central bank acknowledges the potential inconvenience for customers and merchants caused by the initial deadline.
- This extension aims to provide them with more time to make alternative arrangements for depositing funds and conducting transactions.
Additional Measures:
- The RBI has directed PPBL to facilitate seamless withdrawal of customer deposits parked with partner banks under the “sweep-in sweep-out” facility.
- This ensures customers can easily access their funds without facing any hassle.
Background:
- The RBI’s action against PPBL stems from persistent non-compliance with regulations and supervisory concerns.
- The extension provides a temporary solution while the bank addresses the underlying issues.
Further Information:
- The RBI has released a set of FAQs to clarify the situation and address public concerns.
- Customers and interested parties can access these FAQs on the RBI’s website.
Overall, this extension offers some breathing room for PPBL customers and merchants, but the bank’s long-term future remains uncertain.
