- RBI imposes restrictions on Paytm Payments Bank from March 2024.
- Action taken due to concerns about regulatory norm breaches and persistent non-compliance.
- Paytm Payments Bank prohibited from accepting deposits, credit transactions, or top-ups after February 29, 2024.
- Interest, cashback, and refunds allowed, but unrestricted withdrawal and utilization of balances permitted.
- No provision of banking services, BBPOU, and UPI facilities after February 29, 2024, except for fund transfers, utilization, or withdrawal.
- Nodal accounts of parent companies to be terminated by February 29, 2024.
- Settlement of pipeline transactions and nodal accounts related to transactions initiated before February 29, 2024, must be completed by March 15, 2024.
Q: Which payment bank faced restrictions from RBI for “Breach of regulatory norms and non-compliance”?
a. Airtel Payments Bank
b. Fino Payments Bank
c. Paytm Payments Bank
d. Jio Payments Bank
Answer: c. Paytm Payments Bank
