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RBI has given Paytm a 15-day relaxation from the earlier stipulated timeline of February 29, 2024 - RBI Gives 15-Day Relaxation To Paytm Payments Bank; Deadline Extended To March 15
Mumbai: The RBI restrictions on Paytm have been imposed after thorough consideration as is the case in all the decisions made by the Central bank, RBI Governor Shaktikanta Das has said, reported media.
Last week, government sources told Reuters that the fintech was being investigated under specific provisions of the Foreign Exchange Management Act (FEMA), which covers individual and corporate transfers overseas. However, Paytm had denied the reports.
RBI said the action was taken due to persistent non-compliance by the entity with regulatory guidelines.
The step comes after the January 31 action by the RBI where it directed Paytm Payments Bank Ltd (PPBL) that no fresh deposits, credit transactions or top ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags after February 29