Case Brief
What Happened
The Reserve Bank of India issued further directions under Section 35A of the Banking Regulation Act, 1949, in partial modification of its earlier January 31, 2024 directions against Paytm Payments Bank Ltd (PPBL). The revised order extends the cut-off for stopping fresh deposits, credit transactions, top-ups, fund transfers, BBPOU, and UPI services to March 15, 2024, while allowing customers to withdraw or use their available balances without restrictions. It also directs termination of nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd by February 29, 2024 and completion of settlement of all pipeline transactions by March 15, 2024.