Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to not onboard new customers and also not to undertake further deposits or credit transactions after February 29 this year.

In a press release dated March 11, 2022, the Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, had directed Paytm Payments Bank Ltd (PPBL) to stop onboarding new customers with immediate effect.