RBI extended the deadline for Paytm Payments Bank services to March 15, 2024, from the initial date of February 29.
- The decision was made considering larger public interest, including the interests of merchants, as stated in a press release by the apex bank.
- Customers are allowed to make deposits, credit transactions, prepaid services, wallets, FASTags, and National Common Mobility Cards until March 15, 2024.
- After March 15, 2024, no further deposits, credit transactions, or top-ups will be allowed in any customer accounts, according to the RBI.
- Earlier, the RBI had prohibited the Paytm subsidiary from accepting additional deposits or accounts starting from February 29.
- The RBI imposed business restrictions on Paytm Payments Bank Ltd, operated by One97 Communications, exercising its powers under Section 35A of the Banking Regulation Act, 1949.
Q: Who is the company operating Paytm Payments Bank?
- a) Paytm
- b) One97 Communications
- c) Reserve Bank of India
- d) National Payments Corporation of India (NPCI)
Ans : b) One97 Communications
