No credits or deposits other than interest, cash-backs, sweep-in from partner banks or refunds are allowed to be credited, according to the Central bank.
After the Union finance ministry issued a press statement on the FIU action, a Paytm Payments Bank spokesperson had said that the penalty pertains to issues within a business segment that was discontinued two years ago.
Today's top news features PM Modi inaugurating projects worth Rs 37,500 crore, a crucial BJP meeting in Delhi, an agreement between Paytm and Payments Bank, a tragic fire accident in Bangladesh, and a Class 12 Board Exam paper leak in Uttar Pradesh.
As part of the effort to reduce dependencies, Paytm and PPBL have mutually decided to end several inter-company agreements with Paytm and its group entities.
PPBL has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, Paytm said in a regulatory filing on Monday.
According to the central bank's notification, National Payments Corporation of India (NPCI) has been asked to examine the use of UPI channel to allow Paytm to continue operations.
As per a January 31 order of the RBI, Paytm Payments Bank was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29
