The Paytm Payments Bank on Friday assured its customers that their “money is safe” with the company, two days after the Reserve Bank of India (RBI) issued a directive restricting it from accepting new deposits or allowing credit transactions after February 29, 2024.In an email and text message to its customers, the payments bank subsidiary ofĀ PaytmĀ said that the RBI directive does not impact their existing balances. ‘Your money is safe with the Bank,: the Paytm Payments Bank said in its important update.
The RBI on Wednesday said that theĀ Paytm Payments BankĀ cannot take deposits, offer credit services, or facilitate fund transfers from March. ‘No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime,’ the central bank said.