RBI slaps severe curbs on Paytm Payments Bank operations from March

RBI orders Paytm Payments Bank to stop accepting money in customer accounts including wallets and prepaid instruments from March 1. The bank must also stop operating unit services under Bharat Bill Pay or fund transfers after February 29. This action is due to persistent non-compliance and supervisory concerns. RBI also terminates nodal accounts of One97 Communications and Paytm Payments Services.

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